D2C The Clownfish start-up raises funding from Velocity

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Direct-to-consumer (D2C) start-up The Clownfish announced on Friday it had raised an undisclosed amount from Velocity.in, one of India’s largest income-based financiers.

This is the first round of external financing raised by the start-up.

The Clownfish is a luggage lifestyle brand with products ranging from travel cases, messenger bags to trendy backpacks, shoulder bags, rain gear and more. The company was co-founded by Mahesh Subbiah and Kushal Bhansali – with the aim of creating a brand that resonates with the middle class lifestyle, the company said.

“The idea to launch Clownfish came to us while discussing the fact that designer brands are out of reach of middle class consumers due to the high prices. Although the price was a barrier, the desire to own quality, stylish and functional handbags and luggage was a great gift, “said Subbiah, co-founder of The Clownfish.

Co-founder, Bhansali added, “Your backpack isn’t just for storing your items, beyond the item storage functionality, it also helps make a style statement.”

The brand is now preparing for its next phase of growth with this funding.

“Our products are experiencing increasing demand in Tier 1, 2 and 3 cities. An increase in disposable income coupled with higher spending on branded products has resulted in exponential growth for us. We plan to use Velocity.in funds to build our inventory and scale up our digital marketing efforts. We are looking to achieve 100% year-over-year growth over the next five years, ”added Subbiah.

Bhansali added, “Velocity’s capital has allowed us to build an efficient inventory just in time for the increased demand during the holiday season. Velocity is the first external partner we raised funding from, and the whole process was extremely transparent.

Abhiroop Medhekar, Co-Founder and CEO of Velocity, said: “We have been able to extend credit due to their focus on margins and the impressive growth spurt in a short period of time. We look forward to developing a long-standing relationship with them as they climb to new heights. “

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