D2C men’s lifestyle brand DaMENSCH has raised Rs 21.62 crore (approximately $2.5 million) in its extended Series B round from existing investors. The fresh investment, which came after a gap of two years, appears to be a bridge round for the Bengaluru-based company.
The board at DaMENSCH has passed a special resolution to issue 1,017 shares at an issue price of Rs 2,12,515 each to raise Rs 21.6 crore, its regulatory filing accessed from the Registrar of Companies shows.
Existing investors including Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund also participated during the round.
The bridge round has flown in at a flat valuation. As per TheKredible estimates, it has been valued at around $70-75 million (post-money).
DaMENSCH has raised over $25 million to date including its $16.6 million Series B round led by A91 Partners in February 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder followed by Matrix and Saama Capital.
Started in 2018 by Anurag Saboo and Gaurav Pushkar, DaMENSCH offers a range of innerwear and casual wear. It leverages its own website and marketplaces such as Amazon, Flipkart, and Myntra for distribution.
While the company is yet to file its financial statements for FY24, DaMENSCH’s revenue grew 22.7% year-on-year to Rs 77.57 crore in FY23. Unlike its scale, the firm’s losses surged twofold to Rs 62.34 crore in the fiscal year ending March 2023.
DaMENSCH directly competes with Bummer which secured Rs 9.25 crore from Gruhas Collective Consumer Fund in March. XYXX seems to be the most funded player in the space as it raised over $36 million to date including $13.5 million from Amazon Sambhav Fund in May last year.
