Off Duty, a high-end clothing and fashion firm has secured Rs 4 crore from revenue-based funder Velocity over many installments.
Off Duty was established in 2019 by Madina S. Khan and Shahbaaz Khan. Their main offerings include casual, comfy denims for daily wear, pants, and trousers, as well as recently introduced men’s denims. The D2C brand anticipates ending the current fiscal year with about Rs 15 crore in income, up from the 4.5 crores it reported having earned in its first year of operation.
For Indian e-commerce companies, Bengaluru-based Velocity provides revenue-based financing at an interest rate of 4-8% as an alternative to traditional VC funds and traditional bank debt.
Almost 2,500 e-commerce companies have engaged in Velocity’s services since it first started operating in early 2020. Velocity’s platform is connected to fundable revenues of Rs 3,300 crore, and FinTech has already processed more than 1,000 direct-to-consumer investments. Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience, and Setu are among the firms in its portfolio.
