Northmist raises Rs 1 crore from angel investors
Northmist Pvt Ltd, India’s first organic cotton menswear brand has raised Rs 1 crore ($146,320) from a bunch of angel investors.
The company will use the funds on brand-building, expansion of its product line and hiring. Northmist had earlier raised an undisclosed amount from Lucknow-based angel investor Prashant Jaiswal.
Commenting on the latest fund raise, Arijit Mazumdar, co-founder and chief executive officer at Northmist, in a statement said, “The funds were raised from Birju Gala, Chief Executive of Zibo Paper Tech; Somendra Biswal, Head of Corporate Affairs at Shahi Export; and two other individuals working with US companies.”
Bengaluru-based NorthMist was started by Smrity Gupta and Arijit Mazumdar in March 2018. Norhtmist makes and sells men's t-shirts online.
With the latest funding, the company will diversify its product portfolio with the launch of shirts and trousers this year. The company plans to enter the womenswear segment early next year.
Northmist currently sells its t-shirts on ecommerce platforms, including Amazon, Flipkart, and BetterIndia. The brand is also available on multi brand outlets (MBO) in Bengaluru, including GoNative, The Organic World, Mimansa, Just Organics, and Organic Valley.
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