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[Funding alert] BlissClub raises $15M led by Eight Roads Ventures, Elevation Capital

By Sindhu Kashyaap
May 18, 2022, Updated on : Wed May 18 2022 07:15:14 GMT+0000
[Funding alert] BlissClub raises $15M led by Eight Roads Ventures, Elevation Capital
BlissClub's funding round also saw participation from notable angel investors including: Swiggy’s CEO Sriharsha Majety; Mamaearth co-founder Ghazal Alagh; Licious co-founders Vivek Gupta and Abhay Hanjura; former Myntra CEO Amar Nagaram; and SoftBank's Sumer Juneja.
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Community commerce brand Bliss Club, known for making functional and comfortable activelife wear for Indian women, has raised $15 million in Series A round led by Eight Roads Ventures and Elevation Capital. The company has seen 25X growth in just 10 months, having gone from raising a seed round in May 2021 to current Series A in less than a year. 


The funding round also saw participation from notable angel investors including: Swiggy’s CEO Sriharsha Majety; Mamaearth co-founder Ghazal Alagh; Licious co-founders Vivek Gupta and Abhay Hanjura; former Myntra CEO Amar Nagaram; SoftBank executives including Sumer Juneja; Shopify executive Brennan Loh, and global fashion influencer Masoom Minawala.

Money


BlissClub will use the funds to invest in R&D and product development, double its team size by hiring across functions, and channel development across its own app and offline. The company is on track to becoming one of the fastest brands to hit the Rs 100 crore ARR (Annual Recurring Revenue) milestone in India. The team is also looking to build an app. The team has expanded across WhatsApp, Instagram, and Facebook groups, to reach a large scale, they now feel an app is the best way forward.

In a conversation with HerStory, Minu Margeret, Founder and CEO, BlissClub says, "The last 10 months has been an incredible journey for BlissClub. We have had a strong validation for our product, and there is a problem that is big and large enough to be addressed."

Founded in 2020 by Minu Margeret, a national level Ultimate Frisbee player, BlissClub set out to design activewear specifically for Indian women.


She says, “I always struggled to find good quality activewear in India — uncomfortable plastic like material, poor sizing and impractical designs. Ankle length leggings were always churidar bottoms for me, sized to the height of western women. Most activewear brands in the country are largely focussed towards men, leaving very limited options designed specifically for the Indian women. From low-quality material to poor sizing and inappropriate designs, we [Indian women] had to make do with whatever we could find. Not anymore."


Shweta Bhatia, Partner and Head of Technology Investments India, Eight Roads Ventures says: “Activewear has become one of the fastest growing apparel categories globally, including India, driven by an increasing interest in fitness and shift towards comfortable clothing. BlissClub has received unparalleled customer love and it’s not surprising that they are one of the fastest growing D2C brands in India today. We are excited to partner with Minu and the BlissClub team, supporting them on their to mission to bring high-quality, comfortable and performance-driven products tailor made for Indian #WomenWhoMove.”

Minu added community continues to be a big part of BlissClub. "We aim to build a whole ecosystem for women where we bring teachers, trainers, and women who want to meet one-on-one. Personally, I moved to a new community, my husband is part of multiple WhatsApp groups for tennis, squash etc, and these are primarily male run ones. I believe there is  larger problem, how can we build a community where half a billion women can be impacted?" 

Chirag Chadha, Vice President, Elevation Capital, says: “BlissClub has grown 25X since our seed investment, while maintaining industry leading NPS scores and repeat metrics. They have been able to scale fast while maintaining some very healthy business metrics on the back of building innovative growth channels and their product obsession. The level of customer love BlissClub enjoys is unparalleled and we have not seen this in many other brands. This is an outcome of a massive unmet need in the market, and Minu and team's razor sharp focus on execution and brand building. We are super excited to double-down on our commitment to the company."


Edited by Kanishk Singh

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