Direct-to-consumer (D2C) apparel business D’chica has raised Rs 1.62 crore ($198,382) from revenue-based financier Velocity.
The brand will use the funds to drive growth in the Indian market by investing in marketing and recruitment.
D’chica sees huge growth potential in the Indian market and aims to achieve a revenue of Rs 45 crore in the fiscal year 2023-24. It claims to have ended the fiscal year 2021-22 with a revenue of Rs 6.6 crore.
Commenting on the funding, Richa Kapila, co-founder of D’chica in a statement said: “We chose revenue-based funding to maintain the company’s autonomy and take control of the business. hand. We don’t want to go down the path of traditional venture capitalists until we hit our target performance rate. Velocity’s support has been tremendous in driving our operations and giving us the tools to reach greater heights.”
Abhiroop Medhekar, CEO of Velocity added: “We are delighted to partner with D’chica. We believe in the founders and their approach to specifically serving digital natives – from strategy to business development.”
Founded in 2019 by sister-in-law duo Vani Chugh Kabra and Richa Kapila, D’Chica sells women’s lingerie, sportswear, sunglasses and shoes on e-commerce platforms such as Amazon, MyntraAjio, Firstcry, JabongZivame among others.
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