Damensch Attire Pvt. Ltd, which owns premium innerwear model for males DaMENSCH, mentioned Thursday it has raised almost Rs 50 crore ($6.7 million) from 4 traders.
The corporate secured the funding from enterprise capital companies Matrix Companions India, Saama Capital and Whiteboard Enterprise Companions in addition to enterprise debt agency Alteria Capital, it mentioned in a press release.
The announcement comes months after VCCircle first reported in March that DaMENSCH had raised Rs 12 crore from Matrix Companions and Saama Capital. Beforehand, it had secured funding from Whiteboard in late 2018 and early 2019, in line with VCCEdge, the information analysis arm of Mosaic Digital.
The corporate assertion didn’t give a breakup of the quantity every investor put in. Nonetheless, an individual acquainted with the matter advised VCCircle that the whole quantity consists of the capital the corporate had raised in earlier rounds.
The individual, who declined to be named, mentioned the corporate had mobilised Rs 20 crore beforehand and has now secured a further Rs 30 crore, together with Rs 6 crore in enterprise debt.
DaMENSCH didn’t instantly reply to VCCircle’s requests for remark.
Matrix Companions India founder Avnish Bajaj mentioned within the assertion the model’s enterprise has grown nearly eight occasions within the final 18 months, prompting the VC agency to “double down” on its funding within the firm.
The innerwear firm was launched in 2018 by Anurag Saboo and Gaurav Pushkar. Each graduated from IIT-Delhi and have labored at magnificence e-tailer Nykaa and homegrown e-commerce agency Snapdeal.
DaMENSCH sells its merchandise by means of its personal web site together with different main e-commerce platforms corresponding to Amazon and Flipkart. It claims the model has turned worthwhile.
The corporate plans to make use of the contemporary capital to increase its product choices, co-founder Saboo mentioned.
Web page Industries Ltd, the licensee for the Jockey model in India; and Rupa & Co, the proprietor of MacroMan, Frontline and Euro manufacturers, are among the many large firms that function within the innerwear market. Others embrace Lux Industries Ltd, the proprietor of the Lux Cozi model; JG Hosiery Pvt. Ltd, which owns the Amul model of innerwear, and Neva Clothes Ltd.
Just a few startup manufacturers like XYXX Apparels, Tailor and Circus, and Dashing have entered males’s premium innerwear phase in recent times. XYXX is backed by early-stage shopper enterprise capital fund Sauce.vc.
Within the girls’s innerwear class, world non-public fairness investor Introduction Worldwide had final 12 months acquired Enamor from its founders and two non-public fairness companies for Rs 320 crore ($45 million then).