Apparel brand Turms raises Rs 2 crore, to invest in experience centres

By

Maverick Martins

Published
Feb 21, 2019

Apparel brand Turms has managed to raise around Rs 2 crore ($285,000) from investors like Myntra cofounder Raveen Sastry, ex-Google executive Sree Unnikrishnan, FarEye founder Gautam Kumar, PremjiInvest Partner Rahul Garg & Atul Gupta, and ex-Flipkart’s Sanjay Ramakrishnan.
 

With the investment, Turms plans to go offline by setting up experience centers in top Indian cities to enhance its brand visibility. Turms had raised around Rs. 6.3 crore ($0.9 million) last November to expand its product portfolio.
 
Turms had become one of the fastest online apparel brands clocking revenue of Rs 24 crore with a monthly growth rate of 15 percent. Turms has witnessed a spike in sales last year and is aiming to break even within the next six to nine months.

Rameswar Misra, CEO and co-founder Turms in a statement said: “Our steady 10-15% monthly growth rate, with high repeats, gives us the conviction that consumers are resonating with our technology and products. For reaching the next 100 million shoppers, we plan to launch experience centres and be on the top marketplaces.”
 
Haresh Balani of PremjiInvest added, “Gen Z is incrementally focused on consuming minimalistic yet meaningful apparel. Turms is creating a new category where the world of apparel will move.”
 
Founded in December 2016, Turms' merchandise range includes jeans, t-shirts, shirts, and track pants for men and T-shirts and leggings for women.