[Funding alert] Online clothing brand Henry & Smith raises $1M in seed funding
Online clothing brand Henry & Smith has raised $1 million as a part of its seed round, led by WEH Ventures and Rukam Capital. The round also saw participation from angel investment platform LetsVenture.
According to the company, the funds will be used to expand the company’s distribution and hire more individuals to the team.
Launched in 2017, Henry & Smith is a men’s clothing wear brand, which was started by Gaurisha Gupta and Nikhil Goyal. Previously, the duo also founded White Kalia, an apparel brand which provided T-shirts themed around pop culture, comics and popular TV shows.
Speaking on the genesis of the platform, Nikhil Goyal, Co-founder, Henry & Smith, said,
“We noticed that most men struggle with online shopping, especially for bottomwear and they take over 15 days, browsing through numerous websites, buying, and returning items before they find one that they love. We wanted to change that and launched our brand, which has very limited options while ensuring a high fit-rate of over 93 percent; all, at an incredibly reasonable price. This is why customers come to us again and again.”
So far, the brand has served around 75,000 customers, and sells chinos in 32 colours and denims in six washes for men, directly and only from their website.
Deepak Gupta, Managing Partner at WEH Ventures, said, “We have traversed the journey from being happy customers to leading their first financing and remain committed to hand-holding them through the journey ahead.”
Meanwhile, Archana Jahagirdar, Managing Partner, Rukam Capital, said,
“Henry & Smith is a true direct-to-consumer brand in the way they have engaged with customers online. Nikhil and Gaurisha are frugal entrepreneurs and are building a real brand through some innovative strategies. We are happy to lead the round as they build a meaningful company.”
According to the company, it has grown 5x since March 2019 in sales, and sees an average order value of Rs 2,700.
(Edited by Teja Lele Desai)