BlissClub, a direct-to-consumer (D2C) activewear brand focused on women, reported a more than four-fold surge in its operating revenue, reaching INR 68 crore for the financial year ending on March 31, 2023, even as losses mounted.
The Bengaluru-based startup, as per its regulatory filing, recorded losses of INR 36 crore, marking a four-fold increase compared to the same period last year. In the fiscal year 2022, the company achieved INR 15 crore in operating revenue while incurring a loss of INR 9 crore.
BlissClub, initially focused on online sales of its activewear products, has expanded its operations by venturing into offline stores as it contends with fast fashion brands.
In May 2022, BlissClub secured $15 million in a funding round led by Eight Roads Ventures and Elevation Capital. Notable participation in the round came from angel investors such as Sriharsha Majety, Chief Executive of Swiggy, Ghazal Alagh, Co-founder of Mamaearth, Vivek Gupta and Abhay Hanjura, Co-founders of Licious, and Amar Nagaram, former Chief Executive of Myntra, among others.
Despite the challenging funding environment, Indian direct-to-consumer (D2C) companies have managed to occasionally secure funds this year. For instance, Freakins, a D2C apparel firm specializing in denim, secured $4 million in a funding round led by Matrix Partners India and Blume Ventures. Beyond apparel, D2C enterprises like Pilgrim, a maker of beauty and personal care products, raised $20 million in a funding round led by Vertex Ventures Southeast Asia and India.
Meanwhile, Honasa Consumer Ltd, the umbrella company for the personal care brand MamaEarth, made its stock market debut on October 31. The company announced a 93% increase in net profit, amounting to INR 29.4 crore, for the quarter ending September 2023, with operating revenue reaching INR 496 crore.
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