Almo, a fast-emerging men’s innerwear D2C brand, has closed its pre-Series A funding of US$ 2 million led by Inflection Point Ventures (IPV) along with LetsVenture, AngelList India and leading angels from the industry.
The brand now intends to bolster its branding and marketing efforts along with setting up its state-of-the-art R&D lab to continue innovating on sustainable product lines.
Mitesh Shah, Co-founder, Inflection Point Ventures, commented, “With the growing need and evolving market, IPV aims to extend its expertise to strengthen the brand’s sustainable and innovative men’s product line. Additionally, IPV looks forward to scaling its primary market and helping them tap the global market in the near future.”
Abhishek Shah, Co-founder & CEO, Almo, mentioned, “Almo’s vision is to be the one-stop essentials’ destination for the evolved man, led by product innovation and customer obsession. We are thrilled and look forward to the partnership with IPV in this phenomenal journey, and we are just getting started!”
He added “We have always followed a lean approach to scale with positive unit metrics, with this funds infusion we plan to continue strengthening our team & brand to scale across various online marketplaces, though D2C continues to be our primary channel which has been an edge against the traditional incumbents. We also plan to explore international markets this year via Amazon’s Global Selling Propel Accelerator programme access!”
Launched in June 2020 by Abhishek Shah, Muskaan Jain and Chhavi Bhardwaj, Almo is said to be bringing the Italian seamless designs and sophistication to the Indian men’s closet at the right price point.
The brand has grown tremendously in terms of revenue and offerings in a short time since its inception and aims to cross Rs. 100 crore revenue by 2022 end.
