MyDesignation targets expansion, technology enhancement with $1.25 million seed funding
Fashion and lifestyle D2C startup MyDesignation plans to expand its operations with $1.25 million (Rs 10.7 crore) capital raised in a seed funding round led by Multiply Ventures.
The funding around also attended by Veltis Capital, Sattva Ventures, Dominor Investment Holdings, and Green Trunk Ventures.
The raised capital will be used MyDesignation to accelerate its hiring, technology enhancement, offline expansion, and entry into newer geographies.
Having already achieved 100 per cent Y-o-Y growth for four consecutive years while also staying profitable, the company plans to raise this growth to 200 per cent Y-o-Y without compromising on its financial discipline and customer satisfaction, says Swaroop Krishnan, Co-founder and CEO, MyDesignation.
The company does not depend on third-party platforms for marketplaces, helping it achieve better control over the entire customer journey and deliver one of the best experiences in fashion, adds Gopika B Raj, Co-founder and CCO. The company’s business model allows it to stay intune with its customers’ sentiments and feedback, fuelling its product design and communication strategy, she adds.
Having a customer base of over 5 lakh consumers, MyDesignation was founded in 2020. The company records a monthly repeat rate of 35 per cent, and plans to double this user base within the year.
