D2C men’s lifestyle brand DaMENSCH raised Rs 21.62 Cr in extended Series B round
In its extended Series B round, existing investors contributed Rs 21.62 crore, or roughly $2.5 million, to the D2C men’s lifestyle brand DaMENSCH. After a two-year hiatus, the new investment seems to be a bridge round for the Bengaluru-based business.
According to a regulatory filing obtained from the Registrar of Companies, the board of DaMENSCH has approved a special resolution to issue 1,017 shares at an issue price of Rs 2,12,515 each in order to raise Rs 21.6 crore.
During the round, existing investors Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund were also involved.
At a flat valuation, the bridge round has flown in. Its estimated value, according to TheKredible, is between $70-75 million (post-money).
To date, DaMENSCH has raised more than $25 million, including a $16.6 million Series B round in February 2022 led by A91 Partners. A91 Partners is the largest external stakeholder, followed by Matrix and Saama Capital, according to the startup data intelligence platform TheKredible.
Anurag Saboo and Gaurav Pushkar founded DaMENSCH in 2018 and sell a variety of casual and innerwear items. It uses marketplaces like Amazon, Flipkart, and Myntra in addition to its own website for distribution.
DaMENSCH’s revenue increased by 22.7% year over year to Rs 77.57 crore in FY23, but the company has not yet submitted its financial statements for FY24. In contrast to its size, the company’s losses doubled to Rs 62.34 crore in the fiscal year that ended in March 2023.
Bummer, which obtained Rs 9.25 crore from Gruhas Collective Consumer Fund in March, is a direct rival of DaMENSCH. XYXX appears to be the most well-funded participant in the market, having raised over $36 million so far, with $13.5 million coming from the Amazon Sambhav Fund in May of last year.
