[Funding alert] DaMENSCH raises Rs 50 Cr led by Matrix Partners, Saama Capital, Whiteboard, Alteria Capital
Mumbai-based fashion brand DaMENSCH has raised Rs 50 crore funding led by Matrix Partners India, Saama Capital, Whiteboard Venture Partners, and Alteria Capital. Founded in 2018 by Anurag Saboo and Gaurav Pushkar, the premium men's wear online brand sells via its platform and other ecommerce sites like Amazon, Flipkart, and Myntra.
Anurag Saboo, Co-founder, DaMENSCH, said in a press statement shared by the company, “Through our innovative products, we are on a mission to make men not only comfortable but also confident to stay distinctive in whatever they do. We started this journey by challenging the status quo for men’s innerwear and now plan to move ahead to further expand our offerings.”
The team adds that they stared DaMENSCH was started with the vision to redefine the standards of quality, aspiration, and comfort for the modern man. The team adds that the brand has not only grown 3x post lockdown but has also turned profitable. They have clocked revenue sales of Rs 1 crore within five days during the festive sale period in October.
Avnish Bajaj, Founder and Managing Director, Matrix India, said in the statement, “We are excited to double down on our investment in Gaurav and Anurag with the excellent progress made at DaMENSCH. From the outset, the product and customer focus of the founders was apparent in the customer love and product reviews and has now shown up in the business growing almost 8x in the last 18 months. We look forward to the exciting journey ahead along with our co-investors Saama and Whiteboard.”
The statement also claimed that DaMENSCH has consistently achieved category-leading ratings and reviews for their products across all ecommerce platform. DaMENSCH's product range of innerwear that includes “Deo-Soft” - India’s first odour cancelling underwear, “Neo-Skin” - thermoregulating vests made from a curated composition of sustainable bamboo fibres, among other products catered to the comfort of the modern man.
Ash Lilani, Partner, Saama Capital, said, “We're thrilled about the traction demonstrated by the DaMENSCH team in becoming the leading brand in India for men's essentials. We are excited to back Anurag and Gaurav given their passion to build a business differentiated by high quality products, strong brand values and a customer-first approach.”
The statement said DaMENSCH’s latest packaging is made from corn and is devoid of any form of plastic. The brand’s target audience comprises men in the age group of 20-45 years.
“DaMENSCH is a strong example of how a new age direct-to-consumer brand should be built with high customer centricity coupled with sharp focus on the financial metrics and profitability of the business. We are so delighted to have been part of this journey from the start”, said Anshu Prasher, Partner, Whiteboard Venture Partners.
According to a recent report titled, Indian Innerwear Market: Trends and Opportunities, the innerwear industry in India holds immense growth potential, evident from the entry of large international brands into the market in the last few years. The increasing size of the organised market and declining share of the unorganised market shows a distinctive shift from price sensitivity to brand sensitivity.
Gaurav Pushkar, Co-founder, DaMENSCH, added, “At DaMENSCH, we are pushing the limits of textile engineering and solving unseen problems. Obsession with the best is the secret sauce of DaMENSCH. We are continuously improving and expanding our lineup with unique and distinguished products which help us maintain a differentiated quality experience for our customers in the market.”