DaMENSCH Secures INR 21.62 Cr in Series B Extension from Existing Investors to Fuel Growth in Men’s Apparel

• ByStartupStory     |    May 3, 2024

DaMENSCH, a leading direct-to-consumer (D2C) menswear brand, has successfully raised INR 21.62 crore (approximately $2.5 million) in an extended Series B funding round. This investment comes from its existing investors Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund, highlighting their continued confidence in the brand’s growth trajectory.

The resolution to raise the funds through the issuance of compulsorily convertible preference shares was passed last month by the startup’s board. The funds were secured at a post-money valuation of about $66 million, according to estimates by Inc42. This development was initially reported by Entrackr.

This new capital injection marks a significant milestone for DaMENSCH, coming nearly two years after a substantial $16.4 million was raised in a round led by A91 Partners. To date, DaMENSCH has accumulated over $25 million in funding since its inception in 2018.

Co-founded by Anurag Saboo and Gaurav Pushkar, DaMENSCH has carved a niche in the men’s lifestyle sector with its innovative range of innerwear and casual wear. The company primarily sells its products through its website, along with other major e-commerce platforms such as Amazon, Flipkart, and Myntra.

Despite the competitive landscape with brands like Bummer, XYXX, Freecultr, and Dollar Industries, DaMENSCH has demonstrated robust growth. In the financial year 2022-23, the brand’s operating revenue surged by 22.5% to INR 72.3 crore, up from INR 59.3 crore in the previous fiscal year. However, it’s noteworthy that the net loss for the period more than doubled to INR 62.34 crore from INR 26.89 crore in FY22, reflecting aggressive expansion and marketing efforts.

The growth of D2C brands in India has been a notable trend over recent years, spanning sectors from apparel to beauty and personal care. Backed by investor capital, these modern enterprises are challenging established players and aiming to revolutionize their respective markets.

Just last month, another player in the D2C space, innerwear brand Bummer, secured INR 9.25 crore from Gruhas Collective Consumer Fund. As per data from Inc42, India’s e-commerce market is poised for significant growth, expected to exceed $400 billion by 2030. Within this, the fashion apparel and accessories segment alone is forecasted to expand to $112 billion from just over $23 billion in 2023.

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