Apparel brand Turms has raised Rs 2 crore from Raveen Sastry, Co-founder of Myntra; Sree Unnikrishnana, former Google executive; Gautam Kumar, Co-founder of FarEye; Rahul Garg and Atul Gupta of PremjiInvest; and Sanjay Ramakrishnan, former Flipkart executive.
In October last year, Turms had raised Rs 6.3 crore from Freshworks Founder Girish Mathrubootham and other investors, including Bijou Kurien, President of Reliance Retail Lifestyle; Ambareesh Murty, Founder of Pepperfry; SubratPani, Founder of OneAssist; Mekin Maheshwari, Former-Flipkart executive, along with angels from LetsVenture and AngelList India.
"Our steady 10-15 percent monthly growth rate, along with a high repeat gives us the conviction that consumers are resonating with our technology and products. For reaching the next 100 million shoppers, we plan to launch experience centres and be on the top marketplaces," Rameswar Misra, CEO and Co-founder of Turms said in a release.
Founded by former Voonik executive Rameswar Misra and nano-technologist Rohit Gupta in 2016, Turms offers low maintenance apparel with properties such as anti-stain, anti-odour, and moisture management.
Turms claims it uses its proprietary nanotechnology in the production process of its apparel.
"As we grow, we will continue to innovate, expand categories and offer the convenience driven shopper intelligent, functional and low maintenance (apparel) at an affordable price," Rameswar added.
Turms will use the funds to invest in its brand, scale the product and technology team, launch experience centers, optimise supply chain and invest in research and development. On the investment, Raveen said, "With the launch of offline experience centres and marketplace presence, I am confident the brand will be welcomed and loved by a wider audience."
Turms’ portfolio includes jeans, t-shirts, chinos and leggings. The company has a revenue run rate of Rs 24 crore. Its jeans are priced at Rs 1,999-2,299, t-shirts at Rs 799-1,199 and shirts at Rs 1,499.
The team includes Vineesh Chadha, former COO, Color Plus, and Brand Head, Louis Philippe and Allen Solly; Alok Sharma, who has over worked with McAfee, Solidcore and Quikr; SubhraneelSaikia, an MTech in Nanotechnology, Sandeep Kataria, former VP-Marketing at Voonik and Anil Dhondalay,who has vast experience in apparel manufacturing and design.