February 20, 2024
Attire maker Blissclub noticed its loss widen by 4 occasions to Rs 36 crore for the monetary 12 months ended March 2023, the agency mentioned in a regulatory submitting.

The direct-to-consumer (D2C) agency, which focuses on promoting long-lasting girls’s attire, additionally noticed its working income surge 4.5 occasions to achieve Rs 68.3 crore in FY23.

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In FY22, the agency earned Rs 15 crore in working income, whereas incurring a lack of Rs 9 crore.

Blissclub is thought for making merchandise that it doesn’t retire for lengthy intervals of time, like its ‘final leggings’, a stark distinction to quick trend’s seasonal churn of latest merchandise.

The agency’s complete bills got here as much as Rs 108 crore in FY23, over 4.5 occasions larger than the Rs 24 crore in FY22.

The Bangalore-based agency spent Rs 58 crore on buy of products, its largest price element, in FY23, in comparison with Rs 13.2 crore it spent in FY22. The agency additionally spent Rs 23.1 crore in worker profit bills in FY23.

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In Might 2022, Blissclub raised $15 million in a funding spherical led by Eight Roads Ventures and Elevation Capital. The spherical, wherein the agency didn’t disclose its valuation, additionally noticed participation from angel buyers like Swiggy’s chief govt Sriharsha Majety, Mamaearth cofounder Ghazal Alagh, Licious cofounders Vivek Gupta and Abhay Hanjura, and former Myntra chief govt Amar Nagaram, amongst others.

Even amid a harsh funding winter, Indian D2C companies have been in a position to sporadically elevate funds this 12 months. Freakins, a D2C attire agency with a give attention to denim, raised $4 million in a funding spherical led by Matrix Companions India and Blume Ventures. Exterior attire, D2C companies like magnificence and private care merchandise maker Pilgrim raised $20 million in a funding spherical led by Vertex Ventures Southeast Asia and India.

In the meantime, Honasa Client Ltd, the father or mother firm of non-public care model MamaEarth, debuted on the inventory market on October 31. The agency reported a 93% development in its web revenue to Rs 29.4 crore for the quarter ended September 2023, on working income of Rs 496 crore.