Velocity invests Rs 4 Cr in Off Duty
- ByStartupStory | March 7, 2023
Velocity, a revenue-based financing firm, has invested a total of Rs 4 crore in Off Duty, the premium apparel and fashion brand, in several instalments.
Off Duty, a premium apparel and fashion brand established by Madina S Khan and Shahbaaz Khan in 2019, offers a range of comfortable everyday wear such as denims, pants, and trousers. The brand has recently introduced men’s denims as well. According to the company, it generated a revenue of Rs 4.5 crore in its first year of operation and is projected to achieve a revenue of around Rs 15 crore in the current financial year.
Velocity, a startup based in Bengaluru, provides revenue-based financing as a substitute to conventional venture capital funding and bank loans for e-commerce businesses in India. The company charges an interest rate ranging from 4-8%.
Velocity, which started operating in early 2020, has collaborated with more than 2,500 e-commerce businesses. The company’s platform is linked to fundable revenues worth Rs 3,300 crore, and it has already facilitated over 1,000 D2C (direct-to-consumer) investments. Among the companies in its portfolio are Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience, and Setu.
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