[Funding alert] D2C eco-friendly home fashion brand D’Moksha Homes raises $575K in seed round
— a D2C environment-friendly home fashion brand — on Monday said it raised an angel seed round of $575,000 from Venture Catalysts, among several others.
The direct-to-consumer brand focuses on providing exquisite, handcrafted home linens using only sustainable fabrics like linen, hemp, and lyocell, among others.
The round was led by Apoorva Sharma, Co-founder, Venture Catalysts, The Chennai Angels, and Karthik Bhat (Founder, Force Ventures).
Several others, including Varun Alagh (Founder,), Aman Gupta and Sameer Mehta (Founders, ), Bala Sarda (Founder, ), Virendra Gupta (Founder, ), Vivekananda Hallekere (Founder, ), Kushal Khandwala (serial investor and Director, KIFS Housing Finance), Sanjay Behl (Ex-CEO, Raymond), CK Ranganathan (Founder, ), Satish Kumar Anavangot (Ex-India MD, Henkel), Badri Pillapakkam (Partner, Omidyar Network), Kushal Agarwal (Partner, Lightrock Ventures), and Tejas Subramanian (Director, Telama investments), among others, also participated in this round.
Speaking on the development, Apoorva Ranjan Sharma said,
“The global home textile made-up market is worth $120 billion, D’Moksha Homes has been successfully serving over 20,000 customers across the US, Canada, and Mexico, with 20 percent of them claiming repeat purchase. The brand has been generating profits within a few months of launch since October 2020, with almost 80 percent gross margins, which is commendable. This funding will give them more firepower to scale their market presence globally and build an Indian brand for the world.”
Founded by Mumbai-based husband-wife duo Nimisha and Manav Dhanda, D’Moksha Homes is a digital-first D2C brand that controls end-to-end supply chain process, which involves manufacturing, global export, international imports, international warehousing, consumer marketing, and delivery and returns. The brand was launched in the US in March 2020 at the onset of the pandemic.
Manav Dhanda, Co-founder of D’Moksha Homes, said,
“With all industries pivoting rapidly to cater to the global mega-trend of environmentally conscious consumers, the textile industry has done far too little for far too long. It does not help that the textile industry is among the world's most polluting industries, surprisingly not too far behind oil. The dawning of this stark reality was enough for us to take a leap entirely outside our professional comfort zone."
He added, "The industry in India has mostly focused on job work for international brands, but we intend to hone India's strength in textiles and artisans to build a 'Global Indian Home Fashion Brand' with an objective of continually driving our brand cause of contributing to India Girl Child Education from a portion of our sales proceeds.”
Nimisha Dhanda, Co-founder, D’Moksha Homes, said,
“With a career in banking and media, we knew that we're getting into an unknown territory. But with a strong brand purpose, we also knew that no matter what we create, each product will be ready for sale only when it makes us absolutely proud. To engrave our customer obsession in D'Moksha Homes genetic code, we gave the brand our son's name, which for us is the greatest reminder to endlessly create absolute delight in our customers' lives each time they engage with our brand.”