Apparel brand Damensch raises Rs 50 crore funds

By

Maverick Martins

Published
Nov 23, 2020

Men's apparel brand Damensch has raised capital of around Rs 50 crore ($6.8 million) from Matrix Partners India, Saama Capital, Whiteboard Venture Partners, and Alteria Capital.
 

The brand plans to utilise the funds to diversify its product portfolio and expand its offerings in the men’s segment.
 
Commenting on the funding, Anurag Saboo, co-founder Damensch, in a statement said: “Through our innovative products, we are on a mission to make men not only comfortable but also confident to stay distinctive in whatever they do. We started this journey by challenging the status quo for men’s innerwear and now plan to move ahead to further expand our offerings.”

Avnish Bajaj, founder and managing director at Matrix India, added: “We are excited to double down on our investment in Gaurav and Anurag with the excellent progress made at Damensch. 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 eight-times in the last 18 months.”
 
Founded in 2018 by Anurag Saboo and Gaurav Pushkar, the premium men's wear online brand sells through its platform and other e-commerce websites like Amazon, Flipkart, and Myntra.
 
The brand said that sales not only grew three-times post-lockdown, but has also turned profitable.