Direct to customer denim brand Freakins has raised $4 million in a seed funding round led by businesses Matrix Partners India and Blume Ventures, the brand announced on Facebook on June 5. The business plans to use the investment to expand across India following an omni-channel strategy.
“The funds will be strategically deployed to bolster our supply chain capabilities by forging partnerships with factories specialising in denim, knits, and woven fabrics,” said Freakins’ co-founders Puneet Sehgal and Shaan Shah in a statement, ET Tech reported. “We aim to expand our presence in other geographies, invest in quality talent and launch new SKUs. With a strong focus on partnerships with creators, we also plan to launch exclusive collections designed to cater to the likes of our consumers.”
The funding round had Dexter Capital Advisors as its exclusive advisors and also raised capital from over 30 angel investors. These included Navin Agarwal of Sonal Apparels, Utkrishta Kumar of Meesho, and Revant Bhate of Mosaic Wellness among others.
Freakins reported a revenue total of Rs 23 crore and has a target of Rs 100 crore in revenue for the 2024 financial year. The brand plans to open its first flagship store in Mumbai before opening exclusive brand outlets in Delhi, Ahmedabad, and Bengaluru where it has strong market penetration.
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