Fashion brand Off Duty raises INR 4 Crores in multiple tranches from Velocity.in. Velocity.in is India’s largest revenue-based financier.
This premium apparel brand plans to use the funds to scale its business. Furthermore, it also intends to utilize the capital to increase its inventory capacity. Off Duty offers premium products due to which the demand is growing across the nation.
Additionally, this Mumbai-based brand will also spend some amount of fresh funds on marketing.
About Off Duty
Set up in 2019, Off Duty offers daily use denim, pants and everyday wear trousers. In addition to this, its target market is generally teens and early adults. The founders of this D2C brand are Madina S Khan and Shahbaaz Khan.
Moreover, Off Duty claims to have INR 4.5 Cr in revenue in 1st financial year. Furthermore, it aims to sum up this financial year at around INR 15 Cr.
It has established a strong base in e-commerce platforms as well as on its website. Off duty has earned recognition and a reputation due to its solid designs at affordable prices. The company has been growing ever since it came into the market. Since 2019, it has executed work with around 2500 e-commerce businesses.
Now moving on to the financier.
Setup in 2020 by Abhiroop Medhekar, Khichariya and Saurav Swaroop, Velocity. in is a revenue-based financier. Furthermore, Velocity. in is operated by White Wizard Technologies Pvt Ltd.
Before this investment, Velocity. in did an investment of INR 1.62 Crore. This Bengaluru-based fintech firm invested in the D2C fashion brand D’chica. Additionally, this financier has already given funds to more than 1000 D2C brands. Some of those brands are Power Gummies, SUMOOR, Crossbeats, Green Soul and many others.
India is growing exponentially with the help of its startup ecosystem. Multiple early-stage startups are reaching heights with the help of VCs and angel investors. Brands like Off Duty, Power Gummies, Tagz, and Crossbeats have already established their dominance in the Indian market. Furthermore, they are also planning to go global in the coming years.
Featured Image Credit: The Hindu Business Line
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