May 17, 18.42 PM IST || Pocket News Alert
The Gala Family, promoters of Navneet Education Ltd. (www.navneet.com), have invested an undisclosed amount in school uniform and supplies company SchoolWear Private Limited (www.schoolwear.in).
SchoolWear.in was founded in 2014 by Ketan Zaveri and Amit Zaveri to provide a one-stop e-store for all school apparel requirements. In its first season SchoolWear.in has sold uniforms to over 30,000 households/families in more than 20 schools in Mumbai only.
"With over 100 million kids in private schools and growing we see a great potential in the unorganized US$3 billion school uniform and supplies business which is poised to go online in a big way. SchoolWear.in has done good forward and backward integration in the last 1 year and we are excited to be a part of this groundbreaking startup.” Sunil Gala, promoter, Navneet Education Ltd.
Ketan Zaveri, CEO SchoolWear.in, "Gala family's investment in SchoolWear.in presents a very exciting strategic opportunity in the Indian school uniform and supplies industry. We will develop the school uniform category which is currently much unorganized. We wish to provide the convenience of ordering and receiving school uniforms and other supplies, ensuring consistent quality at right price, to parents at their doorstep.”
With this latest round of funding, SchoolWear.in plans to launch a whole range of school supplies which include school uniforms & accessories, allied products and school fee payments across 500 schools in 15 cities by end of 2016.
Navneet Promoters were advised by Leap Growth Partners LLP as their financial advisor while RDA Legal was their legal advisor. Pantomath Advisory Services Group acted as advisors to SchoolWear and its promoters.