Within a month of its debut, techie-turned-entrepreneur Mitali Rai’s luxury lingerie lifestyle business, MHYTH, has raised its Angel Round of funding and achieved a valuation of over $1 million. Indian-born MHYTH wants to compete with the most well-known brands in the world of luxury fashion and leisure and establish new standards.
The company’s goal, according to the brand’s founder and current CEO Mitali Rai, is to establish a brand that empowers women to accept their true selves by celebrating their uniqueness and femininity. The long-term goal is to develop a world-class, end-to-end manufacturing facility in India that can compete with the best worldwide, while also investigating overseas production capabilities to satisfy present demands.
The company is committed to creating high-end designs and getting the ideal fit with unwavering quality, according to Vivek Mittal, who is the COO and a founding member. With the help of this money, research and development initiatives will be strengthened, enabling innovation and customising items to cater to the various demands of women in India and throughout the world, guaranteeing that the goods are popular everywhere.
Sandeep Daga, the founder and managing director of Nine Rivers Capital, and Snehal Shah, an experienced private equity investor, headed the angel round.
