Damensch, a men’s lifestyle brand that sells directly to consumers, has raised $16.4 million in a Series B investment round headed by A91 Partners on 28th Feb 2022.
The company produces men’s loungewear and innerwear. According to a press release, the cash will be used to improve technology, reinforce and broaden the company’s product portfolio.
This round included existing investors Saama Capital, Matrix Partners, Whiteboard Capital, and Alteria Capital.
What the founder has to say:
The corporation will also use the new funds to hire more product specialists. Damensch cofounder Anurag Saboo said, “We have utilized the tailwind from the shift in consumer buying behavior to the internet and have clocked Rs 100 crore in annualized revenue run rate or ARR in 2021.”
“In 2022, we want to increase three times year over year and will use numerous channels to expand our market penetration across geographies,” Saboo stated.
“We’re putting together a strong tech team to help us through this next phase of expansion while also increasing our investment in product development to stay ahead of the curve,” said Gaurav Pushkar, cofounder of Damensch.
What the investors have to say:
“With a significant (40 percent) group of consumers purchasing several (2-3) times per year, Damensch has been able to develop on the strength of existing customer loyalty and the inclusion of new customer categories,” said Prasun Agarwal, a partner at A91 Partners, an early-stage venture capital firm.
Sudipto Sannigrahi, the Principal of Matrix India, said, “Damensch has experienced phenomenal growth over the last 12 months and is positioned to be the leading mass-premium brand for the men’s apparel market in India.”
Damesnch’s product line includes ‘Deo-Soft,’ India’s first odor-canceling underwear, and ‘Neo-Skin,’ thermo-regulating vests created from a curated composition of sustainable bamboo fibers founded in 2018 by Saboo and Gaurav Pushkar. In 2021, the company increased its loungewear and sleepwear offerings.
Damesnch sells to males between the ages of 20 and 45 on its website and through other big eCommerce retailers, including Amazon, Flipkart, and Myntra. The company claims to have shipped over 10 million packages to more than 50 cities.
Damensch competes with other well-funded businesses in the space, including Dollar Industries, XYXX, Tailor and Circus, and Lavos Performance.
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