Damensch bags USD 16.4 million in Series B funding led by A91 Partners
Author : Pankaj Singh | Published Date : 2022-02-28
Damensch, a D2C lifestyle brand, has reportedly secured USD 16.4 million during a Series B funding that was spearheaded by A91 Partners. The fundraising also saw participation from existing investors including Matrix Partners, Alteria Capital, Saama Capital, as well as Whiteboard Capital.
For those unaware, Damensch specializes in making innerwear as well as loungewear for men and was founded by Gaurav Pushkar and Anurag Saboo in 2018. The company’s product suite includes Neo-Skin, thermo-regulating vests, as well as “Deo-Soft”, India's first inner that eliminates body odor.
Damensch essentially targets the age group of 20 to 45 and uses other internet merchants including Flipkart, Amazon, and Myntra for product promotion and distribution. The company claims to have shipped over 10 million packages to over 50 cities.
Damensch now plans to use the fresh funds to improve its technology capabilities as well as reinforce and broaden the company's product portfolio.
To that effect, Anurag Saboo, the co-founder mentioned in a statement that the company will use the new funds to hire more product specialists. Damensch has leveraged the consumer shift in using digital mediums while shopping and has recorded around USD 13 million in ARR in 2021 alone.
This year the company intends to expand at least three times year over year and will use numerous channels to grow its reach across several geographies, Saboo added.
Another co-founder Gaurav Pushkar was quoted saying that the firm is putting together a strong tech team to help through this next phase of expansion, while also increasing the investment in product development to stay ahead of the curve.
It is also worth mentioning that back in November 2020, Damensch had managed to secure USD 6.6 million in a Series A funding round from Matrix Partners India, Whiteboard Venture Partners, Saama Capital, and Alteria Capital.
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About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
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