Fashion startup MyDesignation raises $1.25 million in seed round
New Delhi: MyDesignation, a fashion and lifestyle D2C startup, has raised $1.25 million (Rs 10.7 crore) in a seed funding round led by Multiply Ventures, with participation from Veltis Capital, Sattva Ventures, Dominor Investment Holdings, and Green Trunk Ventures, it said in a media release on Tuesday.
This capital infusion will help MyDesignation accelerate its hiring, technology enhancement, offline expansion, and entry into newer geographies, according to a company's statement.
Swaroop Krishnan, Co-founder and CEO, MyDesignation stated, 'We've already achieved 100% YoY growth for four consecutive years while staying profitable. With this fundraise, our goal is to drive 200% growth, without compromising on our financial discipline or customer satisfaction.'
'We never depend on any third-party platforms or marketplaces for growth. This gives us control over the entire customer journey and has helped us deliver one of the best brand experiences in fashion,' said Gopika B Raj, Co-founder and CCO of the company. 'Our D2C model enables us to stay closer to customer sentiment and feedback, which fuels our product design and communication strategy,' she added.
Founded in 2020, the company has a customer base of over 5 lakh consumers, recording a 35% monthly repeat rate, and plans to double this user base within the year.
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