by Apparel Resources News-Desk
21-February-2019 | 2 mins read
The first intelligent apparel brand Turms has raised Rs 2 crore (around US $ 285,000) fresh funding from angel investors.
The company, which sells stain repellent, odour-resistant daily wear, said it will use the fresh capital to invest in its brand, scale its product and technology team, launch offline experience centres and optimise supply chain.
The Bengaluru-based company said in a statement that the individuals, who participated in this round, included fashion portal Myntra’s co-founder Raveen Sastry, ex-Googler and former Accel venture partner Sree Unnikrishnan, logistics management startup FarEye’s co-founder Gautam Kumar, PremjiInvest Partner Rahul Garg & Atul Gupta, and ex-Flipkart’s Sanjay Ramakrishnan and PremjiInvest partners Rahul Garg and Atul Gupta.
“Our steady 10-15% monthly growth rate with high repeats gives us the conviction that consumers are resonating with our technology and products.” – Rameswar Misra, CEO and Co-founder, Turms
Aiming to tap the offline market, Turms is now planning to set up offline experience centers in top Indian cities to increase brand penetration.
“Gen Z is incrementally focused on consuming minimalistic yet meaningful apparel. Turms is creating a category, where the world of apparel will move,” commented Haresh Balani of PremjiInvest.
Turms sells apparel starting at the Rs 799 price point, and plans to break-even in the next six to nine months.
Last year in October, Turms raised Rs 6.3 crore from a bunch of angels including Freshworks founder Girish Mathrubootham, former Reliance Retail Lifestyle president Bijou Kurien, Pepperfry founder Ambareesh Murty and former Flipkart top executive Mekin Maheshwari, along with angels from LetsVenture & AngelList India.
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