SUMMARY
The D2C menswear brand raised the funding in an extended Series B round from existing investors Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund
The fundraise comes almost two years after DaMENSCH raised $16.4 Mn in a funding round led by A91 Partners
Founded in 2018 by Anurag Saboo and Gaurav Pushkar, DaMENSCH is a D2C men’s lifestyle brand offering a range of innerwear and casual wear clothes
Bengaluru-based D2C menswear brand DaMENSCH has raised INR 21.62 Cr (about $2.5 Mn) in an extended Series B round from its existing investors Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund.
The startup’s board passed a resolution last month to raise the funding by issuing compulsorily convertible preference shares to the investors. The funds were raised at a post-money valuation of about $66 Mn, as per Inc42 estimates.
The development was first reported by Entrackr.
The fundraise comes almost two years after DaMENSCH raised $16.4 Mn in a funding round led by A91 Partners.
Including the latest funding round, DaMENSCH has raised over $25 Mn till date.
Founded in 2018 by Anurag Saboo and Gaurav Pushkar, DaMENSCH is a D2C men’s lifestyle brand offering a range of innerwear and casual wear clothes. It sells its products via its own website as well as ecommerce marketplaces like Amazon, Flipkart, and Myntra.
The D2C brand’s operating revenue rose 22.5% to INR 72.3 Cr in the financial year 2022-23 (FY23) from INR 59.3 Cr in the previous fiscal year. Meanwhile, net loss more than doubled to INR 62.34 Cr from INR 26.89 in FY22.
DaMENSCH competes against the likes of Bummer, XYXX, Freecultr, and Dollar Industries in the men’s innerwear segment.
It is pertinent to note that a number of D2C brands have come up in the country over the last few years across sectors like apparel, beauty and personal care, snacks. These young brands, backed by capital from investors, are taking on the legacy players and trying to disrupt their respective markets.
Just last month, D2C innerwear brand Bummer secured INR 9.25 Cr from Gruhas Collective Consumer Fund.
According to Inc42 data, India’s overall ecommerce market is expected to reach a size of over $400 Bn by 2030. Of this, the fashion apparel and accessories segment is expected to account for $112 Bn as against over $23 Bn in 2023.
