The expressive fashion and lifestyle direct-to-consumer company MYDESIGNATION, based in Thiruvananthapuram, has raised US $ 1.25 million (Rs. 10.7 crore) in a seed fundraising round headed by Multiply Ventures. Veltis Capital, Sattva Ventures, Dominor Investment Holdings, and Green Trunk Ventures also participated.
The start-up plans to utilise the funds it has raised to expand offline, hire more people, improve technology, and enter new markets.
It will also concentrate on expanding its customer-focused product development, bolstered by a robust online presence, which includes a community of over 400,000 Instagram users. This user base actively participates in product innovation, establishing MYDESIGNATION as a brand that was co-created by its customers.
The D2C fashion and lifestyle company MYDESIGNATION was established in 2020 by the husband-wife team of Swaroop Krishnan and Gopika B Raj. With a 35 per cent monthly repeat rate and a client base of over 5 lakh, it claims to have doubled its user base in the next year.
For the fourth year in a row, the business has maintained profitability while achieving 100 per cent YoY growth. Without sacrificing customer satisfaction or financial restraint, the objective of this fundraising campaign is to achieve 200 per cent expansion. The vision calls for employing mission-aligned personnel, growing offline, and strengthening tech capabilities, according to Swaroop Krishnan, co-founder and CEO of MYDESIGNATION.
