Direct to consumer (D2C) fashion brand D’chica has received Rs 1.62 crore from revenue-based financing firm Velocity.
The firm will use funds towards marketing and hiring, the company said in a press statement. Founded in 2019 by Vani Chugh Kabra and Richa Kapila, D’Chica’s core products include trendy and comfy innerwear sportswear, lounge, and foot wear.
It leverages third-party e-commerce platforms such as Amazon, Myntra, Ajio, Firstcry, Jabong, and Zivame. It also set up an offline presence in the National Capital Region (NCR) and Uttar Pradesh. The brand claims to have closed FY22 with Rs 6.6 crore in revenue and aims Rs 13 crore in topline in the current fiscal year (FY23).
The company competes with a host of companies including large brands such as Jockey and Clovia. However, it largely focuses on adolescents and with the wave of D2C the company could grow on the lines of SuperBottoms (baby focused), Almo (men-focused innerwear brand)
Bengaluru-based Velocity offers funds against gross revenue and the fintech platform claims to have processed over 1,000 D2C investments.