Menswear brand Damensch pockets $16.4 million in Series B round, aims to triple growth by FY23

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D2C menswear brand DaMENSCH has pocketed $16.4 million in its Series B funding round led by A91 Partners. Existing investors Saama Capital, Matrix Partners and Whiteboard Capital also participated in the round.

According to the startup, the new funds will be used to invest in technology and to strengthen and diversify the product portfolio.

Founded in 2018, DaMENSCH’s product range includes “Deo-Soft” – an anti-odour underwear, and “Neo-Skin” – thermo-regulating vests made from a selected composition of sustainable bamboo fibres. Over the years, the startup has expanded its product offering.

“Our products are addressing a large white space in the modern man’s wardrobe. We registered 100Cr ARR in 2021, making us the fastest D2C apparel brand to reach this milestone, thanks to our strong proposition to consumers,” said Anurag Saboo, co-founder of DaMENSCH.

Currently, the company has over 200 SKUs listed in over 15 categories and claims to have made over 10 million shipments across the country.

“From the 500-day guarantee on our Constant Loungewear collection to Mozzarella stretch chino shorts, we continue to leverage fabric engineering to redefine menswear. In 2022, we will strengthen our presence in loungewear, loungewear, sleepwear and everyday wear categories,” said Gaurav Pushkar, co-founder of DaMENSCH.

The company is now targeting aggressive growth for FY23. “We are targeting 3x growth in the coming fiscal year through significant product and channel market expansion,” added Saboo.

India’s $26 billion menswear market is larger than womenswear, with a 46% share of overall apparel sales, compared to 38% for women and 16% for women. children, according to a report by the Italian Trade Agency. The sector could reach $34 billion by 2025.

First post: STI

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