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French Crown raises Rs 8.6 Cr from Velocity

Premium fast-fashion brand French Crown has raised Rs 8.6 crore over multiple tranches from revenue-based financing platform Velocity.in.

French Crown, founded by Ilesh Ghevariya and Dhavdip Ghevariya, is a fashion brand known for its high-quality and trendy apparel. With a strong focus on innovation and customer satisfaction, French Crown claims to be launching over 200 designs each week.

“This partnership has enabled us to invest in strategic marketing initiatives, resulting in increased brand visibility across the globe,” said Ghevariya in a press release.

With presence in over 90 countries, the startup claims that it has a 50% customer retention rate vs the industry average standard of 28.2%.

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. Its portfolio companies include Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience, and Setu.

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