D2C men lifestyle brand Damensch has raised $16.4 million in a Series B funding round led by A91 Partners. Existing investors Saama Capital, Matrix Partners, Whiteboard Capital and Alteria Capital also participated in the current funding round.
The company makes loungewear and innerwear for men. It will use the funds to invest in technology enhancements, strengthen and diversify the product portfolio, according to the release.
Earlier in 2020, the company had raised about Rs 50 crore in Series A funding from Matrix Partners India, Saama Capital, Whiteboard Venture Partners and Alteria Capital.
“We have leveraged the tailwind from the consumer shopping behaviour shift to online and have clocked Rs 100 crore in annualised revenue run rate or ARR in 2021,” said Anurag Saboo, cofounder of Damensch.
“We are targeting a 3x growth year-on-year in 2022 and will be leveraging multiple channels for increasing our market penetration across geographies,” Saboo said.
“With a meaningful (40%) 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, partner, A91 Partners, an early-stage VC fund.
“Damensch has achieved tremendous growth over the last 12 months and is poised to be the leading mass-premium brand for the men’s apparel category in India,” said Sudipto Sannigrahi, Principal, Matrix India.
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