Premium apparel and fashion brand Off Duty has raised Rs 4 crore over multiple tranches from revenue-based financier Velocity.
Founded by Madina S Khan and Shahbaaz Khan in 2019, Off Duty’s core products include everyday wear comfortable denims, pants, and trousers along with the newly launched men’s denims. The D2C brand claims to have a revenue of Rs 4.5 crore in the first year of its launch and is set to close the current financial year at around Rs 15 crore.
The Bengaluru-based Velocity offers revenue-based financing at an interest rate of 4-8% as an alternative to conventional VC funds and traditional bank debt for Indian e-commerce businesses.
Since commencing operations in early 2020, Velocity has worked with over 2,500 e-commerce businesses. With Rs 3,300 crore of fundable revenues connected to Velocity’s platform, the fintech has already processed over 1,000 D2C investments. Its portfolio companies include Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience, and Setu.