D2C Fashion Brand Off Duty Raises Rs 4 Crore In Funding
Off Duty, a Mumbai-based direct-to-consumer (D2C) apparel brand, has raised Rs 4 crore from revenue-based financier Velocity.
As per the startup, the freshly raised funds will be used for expanding its inventory and marketing.
Off Duty | D2C Fashion Brand
Founded by Madina S Khan and Shahbaaz Khan in 2019, Off Duty is a D2C apparel brand whose core products include everyday wear denims, pants, and trousers, along with the recently launched men’s denims.
Speaking about the development, Shahbaaz Khan, Co-founder of Off Duty, said,
“We began our fashion journey in the year 2013 with Madish, saw an opportunity in the digital space, and took it. We noticed a gap between the fashion trends in India and the international markets and sought to bridge that gap by providing fashion-forward products that people in India could buy.”
The D2C brand claims to have a strong presence across e-commerce platforms, including its website. As per the D2C brand, it generated revenue of Rs 4.5 Crore in its first year and is now expecting to close this financial year at around Rs 15 crores.
Commenting on the development, Abhiroop Medhekar, CEO of Velocity, said,
“The age group of 15–24 years old makes up a significant 18 per cent of the Indian population. Many young adults in India are interested in fashion and want to keep up with the latest trends. This can be seen through the growing popularity of young fashion influencers on social media platforms. We are confident in the founders and their approach to catering hi-street global fashion at affordable rates.”
Over the years, the D2C segment in India has grown exponentially. D2C brands in India are estimated to become a $60 billion industry by FY27, highlighted a report by Shiprocket. Last week, oral care startup Perfora raised $2.5 million (around Rs 20.7 crore) in a Series A funding round led by RPSG Capital Ventures.
Earlier in February, D2C platform Blingg raised pre-seed funding of $100,000 (around Rs 82.7 lakh) led by Decentralized VC. In January, D’chica, a fashion brand offering innerwear along with a fashion line of sportswear, loungewear and footwear, raised Rs 1.62 crore from revenue-based financier Velocity.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.