Indian online fashion store Pernia’s Pop-Up Shop founder Pernia Qureshi says the company seeks to raise US$1-1.5 million in its first round of funding.

The funds will be used for marketing and acquiring new customers, he says, as well as hiring more staff members, including senior-level executives.

“Organic growth has been quite good so far, but there is always a potential to reach out to customers,” says Qureshi.

Apart from jewellery, sarees and accessories from Indian designers, the store also sells womenswear under its own Pernia Qureshi label.

“We are currently targeting venture-capital funds, high-net-worth individuals and family concerns to raise funds for the company,” says assistant VP Mihir Mehta of investment bank Ashika Capital, which is advising Pernia’s on fundraising. “It’s a very niche kind of business so there is strong interest from investors.”

India’s online fashion market is estimated to touch $12-14 billion by 2020 on the back of smartphone penetration, improved logistics infrastructure and evolved shoppers, says a report released by Boston Consulting Group.

Online fashion shoppers will more than double to 130 million, the report says.