The company plans to use the fund to strengthen its product portfolio, expand distribution channels, and expand its team and operations
New Delhi: Indian handloom ethical clothing brand Dressfolk announced today that it has raised Rs 3.3 crore in seed round of funding led by All In Capital. Other strategic investors include the likes of Sidhant Keshwani of Libas, Sidhesh Chauhan of Jade Blue, and Riju Jhunjhunwala of RSWM Ltd.
With the new funding, the company plans to strengthen its product portfolio, expand distribution channels, and expand its team and operations.
The round also brings in a clutch of angel investors like Vikrampati Singhania from JK Family Office, FinFirst Advisors, Apurva Ramesh Damani from Damani Family Office and Pranav Sanghvi of Petronas. Currently, the cap table also includes the likes of serial entrepreneur and Falcon co-founder, Prabhtej Singh Bhatia, MasterChow founder Vidur Kataria, Arjit Johri of Marshot Ventures, Harbir Singh Banga of Victora Group, Samyak Deora of Deora Group, Adit Desai of Doc Tutorials and former business journalist and marketeer Megha Vishwanath.
“Sarees have become the biggest and one of the fastest growing apparel category and we are confident that Nitin and his team at Dressfolk will have a meaningful impact in the ethnic wear segment,” Aditya Singh, cofounder, All In Capital, said.
Sidhant Keshwani, Founder at Libas added, “India’s direct-to-consumer (D2C) market is a growing market with fashion and clothes players owning a larger share of the pie. But this big opportunity comes with a tough competition, and we believe Dressfolk has all the right ingredients to become a true disruptor and challenger brand in the luxury handloom space.”
Founded in 2017, Dressfolk has joined hands with 720 plus artisans to modernize the Indian weaves, and a customer base in 20 countries across the globe. Apart from its own website, customers can also get access to products from several offline multi-brand and online marketplaces.