Exclusive: Z47 and Accel to invest in D2C brand Aramya’s new round

DSLR Technologies, a D2C e-commerce platform, is raising Rs 18.96 crore ($2.24 million) in a pre-Series A round from existing investors Z47 (formerly Matrix Partners India) and Accel India.

The board at DSLR Technologies has passed a special resolution to issue 8,530 pre-Series A cumulative preference shares at an issue price of Rs 22,224 to raise Rs 18.96 crore or $2.24 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. 

The Company will deploy funds for the purposes of capital expenditure, marketing and general corporate purposes, the filings added.

Founded by Ankush Goyal, DSLR Technologies operates a D2C brand Aramya offering ethnic wear for women. The brand combines traditional hand-printed designs like block prints, bandhani, and ajrakh with premium fabrics such as pure cotton and linen cotton.

According to data intelligence platform TheKredible, the company will be valued at around Rs 381 crore or $45.3 million post-allotment. This marks an 80% increase in its valuation compared to its $25 million during the seed round. 

Following the fresh proceeds, Z47 (Matrix) and Accel will hold a 14.78% stake in the company. The new round appears to be ongoing, and DSLR is likely to raise additional funds. Consequently, its valuation and cap table will change.

The Jaipur-based company previously raised around $7 million in its seed round led by Matrix Partners and Accel Partners. 

While Aramya’s parent has yet to file its FY24 financial report, the company reported Rs 2.66 crore in total revenue for FY23, with Rs 41 lakh from operations, and incurred a net loss of Rs 10 crore.

Several fast fashion D2C-focused brands have secured funding this year, with Newme and Libas securing $18 million each. Last year, French Crown raised funds from Velocity.