Direct-to-consumer (D2C) fashion brand D’chica on Wednesday said it has raised Rs 1.62 crore from revenue-based financier Velocity.
The Delhi-NCR based startup will deploy the fresh capital for hiring and marketing.
D'chica was founded by Vani Chugh Kabra and Richa Kapila in 2019 with its core products innerwear along with a fashion line of sportswear, loungewear and footwear.
The company uses e-commerce platforms such as Amazon, Myntra, Ajio, Firstcry, Jabong, Zivame, and has a presence in countries like US, UK and Germany as well. It claims to have closed FY22 with Rs 6.6 crore in revenues and expects to close the current financial year at Rs 13 crore.
"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.
Revenue-based financier Velocity, operated by White Wizard Technologies Pvt Ltd, was founded in 2020 by Abhiroop Medhekar, Khichariya, and Saurav Swaroop. The Bengaluru-based fintech competes with the likes of GetVantage, Klub, and N+1 Capital. In November 2021, it raised $20 million in a Series A funding round led by Peter Thiel’s Valar Ventures. In November 2022, the platform invested Rs 2 crore in Delhi-based health and nutrition startup Suwasthi.
The announcement comes at a time when the fashion and apparel space has been through a tumultuous time since last year, with some startups being able to raise funds along with some distressed acquisitions as well.
Earlier this month, fashion and apparel business-to-business (B2B) marketplace Showroom B2B raised $1.35 million (around Rs 11 crore) in a seed round co-led by Strive VC and Gemba Capital.