Velocity finances the D’chica D2C fashion label

• ByStartupStory     |    January 26, 2023

Direct-to-consumer (D2C) apparel business D’chica said on Wednesday that revenue-based financier Velocity had contributed Rs 1.62 crore to its funding. 

The business, which is based in Delhi-NCR, will use the new funds for marketing and hiring. 

In 2019, Vani Chugh Kabra and Richa Kapila created D’chica, a brand that specialises in innerwear as well as sportswear, loungewear, and footwear.

The business operates on e-commerce platforms like Amazon, Myntra, Ajio, Firstcry, Jabong, and Zivame and is present in the US, the UK, and Germany. It claims to have had revenues of Rs 6.6 crore at the end of FY22 and Rs 13 crore at the end of this fiscal year.

“Our products have been met with a great response, not just in metropolitan cities, but across tier-2 and 3 towns including Patna, Indore, Vizag, Visakhapatnam, and Shillong as well,” said Kapila.

Profit-based financier Abhiroop Medhekar, Khichariya, and Saurav Swaroop established Velocity in 2020; it is run by White Wizard Technologies Pvt Ltd. The fintech company based in Bengaluru competes with companies like GetVantage, Klub, and N+1 Capital. It received $20 million in a Series A fundraising round in November 2021, which was sponsored by Peter Thiel’s Valar Ventures. The platform gave Delhi-based Suwasthi, a health and nutrition firm, a Rs 2 crore investment in November 2022. The move comes at a difficult time for the fashion and clothing industry, which has seen several startups obtain money and some distressed purchases as well since last year.

Showroom B2B, a B2B marketplace for fashion and apparel, raised $1.35 million (about Rs 11 crore) earlier this month in a seed round co-led by Strive VC and Gemba Capital.

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