Direct-to-consumer (D2C) brand DaMENSCH has raised $16.4 million (Rs 122.5 crores) in series B funding round led by A91 Partners. Existing investors Matrix Partners India, Saama Capital and Whiteboard Capital also participated in the round.
Started in 2018, DaMENSCH caters to the men’s premium essential wear fashion segment in India.
“We have clocked 100 crore ARR in 2021 making us the fastest D2C apparel brand to reach this milestone, on the back of our strong consumer proposition,” said Anurag Saboo, co- founder DaMENSCH.
The company will use the funds to make investments in technology, and to strengthen and diversify the product portfolio and is targeting 3x growth in FY23.
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“We are targeting 3x growth in the coming financial year through meaningful product-market and channel expansion.”
Currently, the company’s portfolio has more than 200 SKUs listed across 15 categories and has made more than 10 million shipments, said the company.
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“DaMENSCH has become the go-to brand for affluent men who are looking for new age, digital first clothing brands that can combine comfort and style and gives them a chance to upgrade their products and brands. With a meaningful (40 percent) set of consumers shopping multiple (2-3) times a year, DaMENSCH has managed to grow on the back of loyalty from existing customers and continuous addition of new customer segments”, said Prasun Agarwal, A91 Partners on choosing to partner with the brand.
After the pandemic, D2C brands have emerged and grown significantly. Last year, D2C brands raised over $2 billion across 105 deals. Brands like MyGlamm, Licious and Rebel Foods, Mamaearth have also turned unicorns.