DaMENSCH, a Bengaluru-based direct-to-consumer men’s clothing brand, has raised INR 21.62 Crores (about $2.5 million) in an extended Series B round from its existing investors Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund.
Last month, the startup’s board approved a resolution to secure funding through the issuance of compulsorily convertible preference shares to investors. According to estimates, the funds were raised at a post-money valuation of approximately $66 million.
Entrackr was the first to report on this development.
The latest fundraise comes almost two years after DaMENSCH raised $16.4 Mn in a funding round led by A91 Partners.
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With the addition of the recent funding round, DaMENSCH has now amassed over $25 million in total funding to date.
Established in 2018 by Anurag Saboo and Gaurav Pushkar, DaMENSCH is a direct-to-consumer men’s lifestyle brand specializing in innerwear and casual wear apparel. Its products are available for purchase on its official website as well as prominent e-commerce platforms such as Amazon, Flipkart, and Myntra.
The direct-to-consumer brand experienced a 22.5% increase in operating revenue, reaching INR 72.3 crore in the financial year 2022-23 (FY23), up from INR 59.3 crore in the preceding fiscal year. However, the net loss more than doubled to INR 62.34 crore from INR 26.89 crore in FY22.
In the men’s innerwear segment, DaMENSCH competes with brands such as Bummer, XYXX, Freecultr, and Dollar Industries.
It’s worth mentioning that several direct-to-consumer (D2C) brands have emerged in the country over the past few years, spanning sectors such as apparel, beauty, personal care, and snacks. These emerging brands, supported by investor funding, are challenging established players and striving to shake up their respective markets.
Only a month ago, the direct-to-consumer innerwear brand Bummer raised INR 9.25 crore from the Gruhas Collective Consumer Fund.
According to data, India’s overall ecommerce market is anticipated to reach a size of over $400 billion by 2030. Within this projection, the fashion apparel and accessories segment is expected to contribute $112 billion, compared to over $23 billion in 2023.
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