DaMENSCH, a direct-to-consumer (D2C) men's lifestyle brand, has raised $16.4 million in a Series B funding round led by A91 Partners.
The company makes loungewear and innerwear for men. It will use the funds to invest in technology enhancements, strengthen and diversify the product portfolio, the company said in a release.
Venturi Partners and existing investors Saama Capital, Matrix Partners, Whiteboard Capital, and Alteria Capital also participated in this round, DaMENSCH said.
In November 2020, the company had raised about Rs 50 crore in Series A funding from Matrix Partners India, Saama Capital, Whiteboard Venture Partners, and Alteria Capital.
Anurag Saboo, Co-founder, DaMENSCH said, “The company will use the fresh capital to also recruit more product specialists. We have leveraged the tailwind from the consumer shopping behavior shift to online and have clocked Rs 100 crore in annualized revenue run rate or ARR in 2021."
"We are targeting a 3x growth year-on-year in 2022 and will be leveraging multiple channels for increasing our market penetration across geographies," Saboo said.
DaMENSCH competes with other well-funded startups in the segment such as Dollar Industries, XYXX, Tailor and Circus, and Lavos Performance in the last few years.
Founded in 2018 by Saboo and Gaurav Pushkar, Damesnch's product line includes Deo-Soft - India's first odor canceling underwear and Neo-Skin - thermo-regulating vests made from a curated composition of sustainable bamboo fires. The company expanded its offering within loungewear and sleepwear in 2021.
Damesnch sells to its target audience--men in the 20-45 age group through its website and other major e-commerce retailers, such as Amazon, Flipkart, and Myntra. The company claims to have made more than 10 million shipments across more than 50 cities.
Gaurav Pushkar, Co-founder, DaMENSCH said, "We are building a robust tech team to aid us in this next phase of growth while increasing investment in product development to continue to lead with innovation.”
Prasun Agarwal, Partner, A91 Partners said, "With a meaningful (40 percent) set of consumers shopping multiple (2-3) times a year, DaMENSCH has managed to grow on the back of loyalty from existing customers and continuous addition of new customer segments."
Sudipto Sannigrahi, Principal, Matrix India said, "DaMENSCH has achieved tremendous growth over the last 12 months and is poised to be the leading mass-premium brand for the men's apparel category in India."