Barcelona, a fashion and apparel brand for men, has raised Rs 5 crore equity-free capital from GetVantage, a non-dilutive funding marketplace and growth platform.
The funds will be used to open around 50 outlets across the country in the new financial year, and in stepping up its marketing efforts, the company said in a press release. Barcelona has also roped in Sonu Sood as its brand ambassador to create a brand recall in towns beyond the metros.
Founded in 2015 by Jaimin Gupta, Barcelona is a premium men’s apparel brand that caters to all kinds of clothes ranging from shirts, t-shirts, jeans, trousers, shorts, and other fashion accessories.
Ahmedabad-based Barcelona claims to have over 130 Exclusive Brand Outlets (EBOs) in over 70 cities in the country and also operates a B2B app to create a single Brand to Retailer channel, where the stock is sold wholesale to apparel retailers. It has over 7,000 garment retailers registered on the app and are aiming to onboard 1 lakh retailers in FY24.
Barcelona, which has filed for an IPO, has been growing at a CAGR of 7.6% and has closed FY 23 with Rs. 175 crores. The company is betting big on the burgeoning demand for men’s fashion in India coming especially from the Tier 2 and 3 markets on the back of increased awareness about fashion on various social media platforms.
Mumbai-based GetVantage, which announced its investments in cleantech a few months back and its partnership with angel investment platform IPV is focused on scaling its funding marketplace. The platform provides various non-dilutive working capital solutions for marketing, inventory, logistics, and other recurring CapEx to businesses across sectors including B2B SaaS, e-commerce, D2C, edtech, cloud kitchens, and many more.