Drip Project Secures Fresh Funding, Aims to Double Product Offerings
Drip Project, a Mumbai-based luxury streetwear brand, has raised undisclosed funds from the Blume Founders Fund. Ankita Vasista from StrongerHer Venture Partner, Preeti Sawant (Founder and CEO of JoulesToWatts), and several other investors also participated in the funding round.
The Mumbai-based startup plans to use the freshly raised funds to expand its product portfolio from the current 500 to over 1000 products.
Drip Project | Luxury Streetwear Brand
Co-founded by Harsh Maskara and Anil Shetty, Drip Project is a luxury streetwear brand that offers a range of handcrafted jewellery, including bracelets, chains, pendants, rings, and earrings.
Talking about this transaction, the co-founders stated that the funding would help them evolve their brand in the streetwear jewellery segment of India.
Last year, Drip Project was acquired by the Anil Shetty-founded Metaman for $1 million, who then joined the startup as a co-founder, whereas Rohit Golia, the initial co-founder of the startup, left following the acquisition.
Metaman, who is the parent company of Drip Project, raised USD 1 million funding round from investors such as cricketer KL Rahul and Robin Uthappa, Zerodha CEO Nikhil Kamath, Actor Sunil Shetty, and Book My Show Founder Ashish Hemarajani, among others.
Blume Founders Fund | Betting Big on Startups
Blume Founders Fund is an initiative of Blume Ventures that invests in early-stage startups across pre-seed, seed, and pre-Series-A stages. Last year, in December, the VC firm, with a corpus of $250 million, marked the final close of its fourth India-dedicated fund.
In May this year, Blume Ventures, through its Blume Founders Fund, participated in LaundryMate‘s pre-Series A funding round, in which the startup raised $6.25 million (Rs 50 crore). Through its fund, the firm also invested in Wiom, a New Delhi-based telecom startup. A few weeks back, Blume Ventures invested in tech startup Flash, which is building unified digital identities for people who shop frequently.
Some notable investments made by Blume Ventures in 2023 include Bengaluru-based precision engineering components maker Ethereal Machines, autonomous industrial robots maker Ati Motors, and Mumbai-based D2C denim maker Freakins.
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