BlissClub, a direct-to-consumer (D2C) activewear brand focussed on women saw its operating revenue surge more than four-fold to reach Rs 68 crore in for the financial year ending March 31,2023, even as losses mounted.
The Bengaluru-based startup registered losses of Rs 36 crore, up four times compared to the same period last year as per its regulatory filing. In FY22, the firm earned Rs 15 crore in operating revenue, while incurring a loss of Rs 9 crore.
Blissclub which started off selling its activewear products online has now diversified into opening offline stories as it competes with fast fashion brands.
In May 2022, Blissclub raised $15 million in a funding round led by Eight Roads Ventures and Elevation Capital. The round also saw participation from angel investors like Swiggy’s chief executive Sriharsha Majety, Mamaearth cofounder Ghazal Alagh, Licious cofounders Vivek Gupta and Abhay Hanjura, and former Myntra chief executive Amar Nagaram, among others.
Even amid a harsh funding winter, Indian D2C firms have been able to sporadically raise funds this year. Freakins, a D2C apparel firm with a focus on denim, raised $4 million in a funding round led by Matrix Partners India and Blume Ventures. Outside apparel, D2C firms like beauty and personal care products maker Pilgrim raised $20 million in a funding round led by Vertex Ventures Southeast Asia and India.
Meanwhile, Honasa Consumer Ltd, the parent company of personal care brand MamaEarth, debuted on the stock market on October 31. The firm reported a 93% growth in its net profit to Rs 29.4 crore for the quarter ended September 2023, on operating revenue of Rs 496 crore.
