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02 March 2022, Mumbai:
Damensch Apparel, the parent company of the luxury men's innerwear brand DaMENSCH, has secured $16.4 million (Rs. 122.5 crores) in a Series B investment round headed by A91 Partners. Matrix Partners India, Saama Capital, Whiteboard Venture Partners, and venture debt firm Alteria have previously invested US $6.7 million (Rs.50 crore) in the company.
Existing investors Saama Capital, Matrix Partners, and Whiteboard Capital participated in the investment round, according to DaMENSCH.
The new funds will be used to assist the company to expand and diversifying its product offering, as well as enhancing its technology. It also intends to employ additional product experts.
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The brand plans to triple its revenue in the coming fiscal year by expanding its product line, market, and distribution channels. Anurag Saboo and Gaurav Pushkar, both IIT-Delhi grads who formerly worked at Nykaa and Snapdeal, founded the innerwear firm in 2018.
"Our items are tackling a large white area in the modern man's wardrobe," Anurag Saboo stated. On the strength of our excellent customer offering, we have achieved an Rs. 100 crore accounting rate of return (ARR) in 2021, making us the quickest D2C clothing brand to reach this milestone."
According to Gaurav, the firm would expand its footprint in the areas of innerwear, loungewear, sleepwear, and everyday wear.
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*CREDITS: Business Line & Apparel Resources
