We're thrilled to announce our investment in Binks, a company transforming the experience of getting clothes stitched for women by providing a perfect fit at the comfort of their homes.
Millions of women face the hassle of multiple visits to tailors, fitting issues, and delayed deliveries when getting clothes stitched. Binks addresses this significant pain point by leveraging technology to offer an ecommerce-like experience that simplifies the entire process.
With Binks, customers can place an order on the app or website, have the fabric picked up from their doorstep, consult with experts to gather requirements, and provide measurements through various convenient options. Binks then uses advanced software to create patterns, ensuring a perfect fit. The clothes are stitched in a cloud factory, undergo quality checks, and are shipped to the customer. In the rare case of alterations, the process is repeated seamlessly.
Binks' innovative approach to measurement & data collection and the technology enabling customization at scale are particularly exciting. They offer multiple options for customers to provide measurements, including at-home consultations, using existing well-fitted garments, and an innovative measurement kit. All measurements and requirements are processed through a central system and translated into patterns using cutting-edge software, allowing Binks to scale and continuously improve their fitting process.
The company is revolutionizing the highly fragmented and unorganized tailoring sector, which caters to a significant portion of the women's ethnic wear market in India. This market, valued at around $11 billion, is projected to reach $21 billion in the next 7 years. By making custom-fit clothing more accessible and convenient, Binks has the potential to capture a substantial share of this growing market and create a new category altogether.
Binks is led by a talented team of co-founders, Aamna Khan and Raj Vardhan, who bring a diverse set of skills and experiences to the table. Aamna, the CEO, previously worked as a Product Manager at Simpl & LocalOye and as a Sr Marketing executive at CouponDunia, gaining experience in Product, Operations & Marketing. Raj, the COO, was head of analytics at Simpl and a data scientist at MuSigma, where he worked on solving complex business problems for fortune 500 companies. He also founded a graphic design company during his college days.
With strong revenue growth and a high success rate of delivering garments that don't require alterations, Binks has already built a loyal customer base with impressive repeat order rates. Their straightforward business model of charging customers for collecting the fabric, stitching the garments, and delivering them back has proven effective.
We believe Binks has the potential to create a new market and compete effectively in the women's ethnic wear segment. With a sizable addressable market in India and the opportunity to expand to other regions, Binks is well-positioned for growth.
We're excited to partner with Aamna, Raj, and the entire Binks team as they redefine the tailoring experience for women and make custom-fit clothing more accessible and convenient.
If you're interested in experiencing the future of women's tailoring, visit getbinks.com.