Damensch Apparel, owner of premium innerwear brand for men DaMENSCH, has raised US $16.4 million (Rs. 122.5 crore) as a part of its Series B funding round led by A91 Partners.
The company had earlier secured US $6.7 million (Rs.50 crore) from four investors – Matrix Partners India, Saama Capital, Whiteboard Venture Partners and venture debt firm Alteria.
In a statement,DaMENSCH said that existing investors Saama Capital, Matrix Partners and Whiteboard Capital participated in the funding round.
The fresh capital will help the brand strengthen and diversify its product portfolio and upgrade its technology. It also plans to hire more product specialists.
The brand is targeting three times growth in the coming financial year through meaningful product-market and channel expansion.
The innerwear company was launched in 2018 by Anurag Saboo and Gaurav Pushkar– graduates from IIT-Delhi who have worked at Nykaa and Snapdeal.
Anurag Saboo said, “Our products are addressing a big white space in the wardrobe of the modern man. We have clocked Rs. 100 crore accounting rate of return (ARR) in 2021 making us the fastest D2C apparel brand to reach this milestone, on the back of our strong consumer proposition.”
Gaurav says, the company will deepen its presence in the innerwear, loungewear, sleepwear and every day-wear categories.
