Blissclub raises Rs 33 crore in new funding round
Direct to customer active wear brand Blissclub has raised Rs 33 crore in a new fund round. Led by existing investor Elevation Capital, the round follows a $15 million fundraise in 2022, led by both Elevation Capital and Eight Roads Ventures.
Blissclub plans to utilise its new funding for capital expenditure, to meet working capital requirements, and for general corporate purposes, ET Retail reported. The business' board of directors passed a resolution to issue a total of 16,076 compulsory convertible preference shares at Rs 20,427 apiece to raise Rs 33 crore. Following the share allotment, Elevation Capital now has a 24.5% stake in the business, followed by Eight Roads Ventures' stake of 15.79%.
The brand also continues to expand its product selection and recently debuted its new 'BareButter' collection of women's apparel, designed for travel and the airport, Blissclub announced on Facebook. The label also expanded its colour offering for its signature 'Flare' pants.
Blissclub was established in 2020 in Bengaluru and began as an e-commerce business. After stepping into the world of brick-and-mortar retail, the label today counts around 125 employees and is ranked second amongst 95 active competitors, according to business ratings agency Tracxn.
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