Fast-fashion retailer French Crown raised Rs 8.6 Cr from revenue-based financing platform Velocity
French Crown, a high-end fast-fashion retailer, has raised Rs 8.6 crore from the revenue-based financing platform Velocity.in over several installments.
Ilesh and Dhavdip Ghevariya established the fashion label French Crown, which is well-known for its stylish and premium clothing. French Crown asserts that it is introducing more than 200 new designs each week, with a strong emphasis on innovation and customer satisfaction.
“This partnership has enabled us to invest in strategic marketing initiatives, resulting in increased brand visibility across the globe,” said Ghevariya in a press release.
The startup, which has operations in over 90 countries, asserts that it has a 50% customer retention rate, which is higher than the 28.2% industry standard.
As an alternative to conventional VC funds and conventional bank debt for Indian e-commerce businesses, Velocity offers revenue-based financing at an interest rate of 4-8%. Velocity has collaborated with more than 2,500 e-commerce businesses since it began operations in early 2020. Its portfolio businesses include Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience, and Setu.
