BlissClub, an activewear firm for women, has reportedly raised USD 15 million in the latest funding round. The fundraising was spearheaded by Elevation Capital and Eight Road Ventures.
The round also saw participation from some notable angel investors such as Mamaearth cofounder Ghazal Alagh, Shopify executive Brennan Loh, Swiggy CEO Sriharsha Majety former Myntra CEO Amar Nagaram, Licious cofounders Vivek Gupta and Abhay Hanjura, SoftBank executives Munish Varma and Sumer Juneja, and fashion influencer Masoom Minawala.
For those unaware, Stride Ventures has provided USD 3 million in debt financing to BlissClub. In May of last year, the Bengaluru-based business managed to raise USD 2.25 million in a seed round and has increased its sales by 25 times since then.
According to Minu Margeret, the founder, and CEO of BlissClub, the company will continue to invest in its technological staff, as well as expand into offline channels and research and development. Currently, the BlissClub has ten stock-keeping units (SKUs).
Margeret further claimed the company is on pace to reach a revenue run-rate of USD 12.86 million this year, with the help of a forecasting tool that helps anticipate a company's financial success over a year based on prior results. The CEO also mentioned that the company currently generates around USD 6,43,453 in revenue each month.
Shweta Bhatia, a Partner and Head of Technology Investments India at Eight Roads Ventures believes that there’s been no surprise that BlissClub has been receiving exceptional customer affection. She added that activewear has become one of the fastest-growing apparel sectors worldwide, especially in India, thanks to rising fitness awareness and a preference for more comfortable clothing in day-to-day life.
It is also worth mentioning here that over 90% of BlissClub's sales originate from its site, with the balance coming through e-commerce platform Walmart-owned fashion hub Myntra and Amazon India.
Source Credit: