Bengaluru-based BlissClub, a direct-to-consumer (D2C) women’s activewear brand, has raised US $ 15 million funding led by Eight Roads Ventures, Elevation Capita.
The start-up didn’t disclose its valuation post the funding round.
Besides the two venture capital funds, leading angel investors, including Swiggy’s CEO Sriharsha Majety; Mamaearth Co-founder Ghazal Alagh; Licious Co-founders Vivek Gupta and Abhay Hanjura; former Myntra CEO Amar Nagaram; SoftBank executives Munish Varma and Sumer Juneja; Shopify executive Brennan Loh and fashion influencer Masoom Minawala, have also invested as part of this round.
Prior to this, this start-up had raised US $ 2.25 million in a seed funding in May 2021. In a statement, the company said since then, it has seen its sales grow by 25 times.
It operates with limited stock keeping units (SKU) which stand at 10 currently. Over 90 per cent of BlissClub’s sales are through its own platform, while the rest comes from Amazon India and Myntra.
Minu Margeret, Founder and CEO, BlissClub, said the company is on track to hit Rs. 100 crore of annual revenue run rate. Annual revenue run rate is a forecasting method that helps predict the financial performance of a company over a year based on past earnings.
Shweta Bhatia, partner and head of technology investments India, Eight Roads Ventures said, “Activewear has become one of the fastest-growing apparel categories globally, including in India, driven by an increasing interest in fitness and shift towards comfortable clothing. BlissClub has received unparalleled customer love and it’s not surprising that they are one of the fastest-growing D2C brands in India today.”
