D2C Denim Brand Freakins Secures $4 Mn Seed Funding to Fuel Growth and Expand Supply Chain Capabilities
- ByStartupStory | July 5, 2023
D2C denim fashion brand Freakins has announced the successful completion of its seed funding round, raising $4 Mn (INR 33 Cr approx.). Matrix Partners India and Blume Ventures led the funding round, which also saw participation from over 30 angel investors, including prominent names like Revant Bhate, Utkrishta Kumar, and Asish Mohapatra.
Founder and CEO of Freakins, Puneet Sehgal commented. “Our business model is to bring fast fashion to the country, so, that is where we can drop 100-150 new styles every month. We, anyway, drop about 25-50 new styles per week. In order to do that, we are very clear that we need to be completely integrated on the supply chain side, we need to own product design, development, the sampling unit, and own bulk manufacturing or have partners who work very closely with us.”
From Women’s Denim to a Gen-Z Denim Wear Brand
Established in 2019 by Sehgal and Shaan Shah in collaboration with Sachin Shah, Freakins initially operated as a women-focused denim brand. However, in February this year, it expanded into the men’s category, positioning itself as a new-age, Gen-Z denim wear brand. The company’s dynamic business model focuses on bringing fast fashion to the Indian market, regularly introducing 100-150 new styles per month.
End-to-End Control for Quality and Agility
Freakins differentiates itself by maintaining complete control over its supply chain, from storefront to design and manufacturing. This vertical integration allows the brand to ensure exceptional quality control and achieve faster turnaround times. By closely aligning with consumer preferences, Freakins can swiftly adapt its offerings to meet changing fashion trends.
Aside from its official website, Freakins sells its denim products through popular online marketplaces such as Amazon, Flipkart, and Myntra. In the next 12 months, the brand plans to explore offline retail strategies. While the specifics are yet to be determined, Freakins aims to tap into the potential of both online and offline channels to reach a wider customer base.
Ambitious Growth Targets in the Booming Denim Market
With products spanning over 35 categories and boasting a collection of more than 1,500 styles, Freakins has generated gross revenue of INR 22 Cr – INR 23 Cr in FY23. The company has set its sights on becoming a prominent INR 100 Cr brand by the end of 2024. As the Indian denim market is projected to reach INR 91,894 Cr by 2028, Freakins competes with global giants and homegrown D2C brands in this highly competitive sector.
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