A seed funding round led by Multiply Ventures has raised $1.25 million (roughly Rs 10.7 crore) for MyDesignation, a direct-to-consumer (D2C) fashion brand based in Thiruvananthapuram. Veltis Capital, Sattva Ventures, Dominor Investment Holdings, and Green Trunk Ventures have also contributed to the round.
The funds will be used to expand offline presence, improve technology, hire more people, and enter new markets, according to MyDesignation. ”
Fashion and lifestyle products are available at MyDesignation, which was founded in 2020 by Swaroop Krishnan and Gopika B Raj, a husband-and-wife team. By the end of the year, the brand hopes to have doubled its customer base, which currently stands at over 500,000 with a 35% monthly repeat rate.
With no reliance on external platforms or marketplaces, MyDesignation functions autonomously, giving it complete control over the customer journey. The company intends to hire people who share its mission, increase its offline presence, and develop its technological capabilities. ”
MyDesignation is up against brands like NNNOW, Nicobar, and Yepme in the cutthroat D2C fashion market.
