Fashion brand D’chica raises funds from Velocity
Direct-to-consumer (D2C) apparel business D’chica has raised Rs 1.62 crore ($198,382) in funds from revenue-based financier Velocity.
The brand will utilise the funds to fuel its growth in the Indian market by investing in marketing and hiring.
D’chica sees huge growth potential in the Indian market and aims to achieve a revenue of Rs 45 crore in FY 2023-24. It claims to have closed its financial year 2021-22 with a revenue of Rs 6.6 crore.
Commenting on the funding, Richa Kapila, co-founder of D’chica in a statement said, “We chose revenue-based financing to retain our company’s autonomy and keep control in our hands. We didn’t want to go the traditional venture capitalists’ route until we had achieved our targeted run rate. Velocity’s support has been monumental in boosting our operations and giving us the tools to reach greater heights.”
Abhiroop Medhekar, CEO of Velocity added, “We are thrilled to be partnering with D’chica. We’re confident in the founders and their approach to catering specifically to digital natives – from strategy through business development.”
Founded in 2019 by sister-in-law duo Vani Chugh Kabra and Richa Kapila, D’Chica sells its women’s innerwear, sportswear, loungewear, and footwear on e-commerce platforms such as Amazon, Myntra, Ajio, Firstcry, Jabong, Zivame among others.
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