Freakins, a Mumbai-based D2C denim maker, has raised $4 million (Rs 32.84 crore) in a seed funding round led by Matrix Partners India and Blume Ventures.
Over 30 angel investors, including Chakradhar Gade (Country Delight), Utkrishta Kumar (Meesho), Revant Bhate (Mosaic Wellness), Navin Agarwal (Sonal Apparels), Asish Mohapatra (OfBusiness) and social media influencers like Aayush Wadhwa, Tarini Shah and Agastya Shah also participated in the funding round.
As per the startup, the freshly raised funds will be used to expand its omnichannel presence, improve its supply chain, hire talent, launch new stock-keeping units (SKUs) and improve its operations.
Freakins | Denim Brand
Founded by Puneet Sehgal and Shaan Shah in 2021, Freakins is a Mumbai-based Gen-Z-focused denim brand that claims to have 35 categories with over 1500 styles.
The D2C startup sells via its own website and marketplaces like Amazon, Flipkart, and Myntra.
Speaking about the development, Puneet Sehgal, Founder and CEO of Freakins, said,
“Freakins was launched with the objective of offering denimwear for different body types. Our brand’s unique approach has resonated strongly with the youth nationwide. The funding will facilitate our expansion into new categories, further enhance our manufacturing capabilities and extend our distribution footprint. By owning the end-to-end process, from storefront to design and factories, we maintain exceptional quality control and achieve faster turnaround times, enabling us to adapt to the changing consumer preferences.”
As per the startup, the raised funds will be strategically used to bolster its supply chain capabilities by forging partnerships with factories specialising in denim, knits, and woven fabrics. The Mumbai-based D2C denim maker aims to expand its presence in other geographies, invest in quality talent and launch new SKUs.
With a strong focus on partnerships with creators, Freakins also plans to launch exclusive collections designed to cater to the likes of our consumers. As per Sehgal, Freakins has achieved a remarkable gross revenue of Rs 22 Cr-Rs 23 Cr in the fiscal year 2023. Now, the denim maker has set its sights on becoming a Rs 100 Cr brand by the close of 2024.
Over the next five years, the denim wear market in India is projected to grow at a 25 per cent compound annual growth rate.
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