French Crown, a fast-fashion company located in Gujarat, has raised Rs 8.6 crore from financial technology company Velocity over several tranches. The brand will use the money for marketing, growth, and the creation of new designs.
“With Velocity’s strategic partnership, we have achieved a significant milestone by becoming an Rs. 100 crore bootstrapped brand, demonstrating our ability to grow in a highly competitive market,” said Ilesh Ghevariya, chief executive officer of French Crown.
The Ghevariya brothers established the fast-fashion D2C (direct-to-consumer) company French Crown in 2016. The company is currently present in over 90 nations. French Crown says it releases more than 200 new styles every week. The business also asserts that their client retention rate is 50 per cent, which is higher than the industry standard of 28.2 per cent.
The expansion of D2C e-commerce companies has been aided by Bengaluru-based Velocity’s provision of revenue-based financing services. Since its founding in 2020, the organisation has invested in more than 3,500 businesses.
“I am thrilled that Velocity, as a growth partner, has been instrumental in fueling the remarkable success of French Crown,” said Atul Khichariya, co-founder of Velocity.
