Bengaluru-based Damensch Apparel, which operates men’s innerwear brand DaMENSCH, has raised $6.7 million (about Rs 50 crore as per current exchange rates) in a mixed debt and equity round.
The round was led by Matrix Partners India, with participation from Saama Capital, Whiteboard Venture Partners and Alteria Capital, a statement said. The firm is expected to use the fresh capital to expand its offerings and include new categories.
The company was founded in 2018 by IIT Delhi alumni Anurag Saboo and Gaurav Pushkar, who have previously worked with ecommerce platforms Nykaa and Snapdeal. Its products are retailed on its own website and third-party ecommerce platforms such as Flipkart, Amazon and Myntra.
“At DaMENSCH, we are pushing the limits of textile engineering and solving unseen problems... We are continuously improving and expanding our line up with unique and distinguished products which help us maintain a differentiated quality experience for our customers in the market,” co-founder Pushkar said.
The company, which competes with Sauce.vc-backed men’s innerwear and apparel brand XYXX, claims that it has grown three-fold post the Covid-19 lockdown and is now profitable.
“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 past 18 months,” Avnish Bajaj, managing director of lead investor Matrix India, said.
Matrix has invested in multiple consumer brands, including lifestyle brand Chumbak, vegan nutrition brand OZiva and wellness brand Mosaic Wellness.