Delhi NCR-based startup D2C fashion brand D’chica has raised Rs 1.62 crore from an Indian revenue-based financier, Velocity. The startup plans to use the raised capital to scale its hiring and marketing efforts.
Founded in 2019 by Vani Chugh Kabra and Richa Kapila, D’Chica is a fashion D2C brand that sells products in categories, including trendy and comfy innerwear sportswear, lounge, and footwear.
The startup sells its products on e-commerce platforms such as Amazon, Myntra, Ajio, Firstcry, Jabong, and Zivame and also exports its innerwear range to US, UK, and Germany. It claims to have closed FY22 with Rs 6.6 crore in revenue and aims to reach Rs 13 crore in topline in the current fiscal year (FY23).
“We chose revenue-based financing to retain our company’s autonomy and keep control in our hands. We didn’t want to go the traditional VC route until we had achieved our targeted run rate. We raised our pre-series A only after we had solid proof of concept with our ARR and vision,” said Richa Kapila, co-founder of D’chica.
“Velocity’s support has been monumental in boosting our operations and giving us the tools to reach greater heights. With this funding, we will ramp up our marketing and hiring efforts,” Richa added.
“Bengaluru-based fintech, Velocity is a revenue-based financier. Since commencing operations in early 2020, the company today has a repeat customer rate of 78%. “We are thrilled to be partnering with D’chica. “We’re confident in the founders and their approach to catering specifically to digital natives – from strategy through business development,” said Abhiroop Medhekar, chief executive officer of Velocity.
Source @Indianstartupnews
