HomeFunding AlertFashion Brand Off Duty raises Rs 4 Cr from Velocity

Fashion Brand Off Duty raises Rs 4 Cr from Velocity

Premium apparel and fashion brand Off Duty has raised INR 4 crores over multiple tranches from Velocity.in, India’s largest revenue-based financier. The brand will use the funding to scale up their inventory to cater to the increasing demand and meet their striving goal of achieving a revenue of over INR 25 crore.

“We are excited to be partnering with Off Duty. We are confident in the founders and their approach to catering hi-street global fashion at affordable rates. We expect that this funding will pave the way for Off Duty to reach new heights and inspire emerging D2C apparel brands with their growth,” said Abhiroop Medhekar, CEO of Velocity.

The Bengaluru-based Velocity offers revenue-based financing at an interest rate of 4-8% as an alternative to conventional VC funds and traditional bank debt for Indian e-commerce businesses.

Read Also: Funding: Rubi Labs Raises $8.7M in Seed Funding

Founded by Madina S Khan and Shahbaaz Khan in 2019, Off Duty’s core products include everyday wear comfortable denim, pants, and trousers along with the newly launched men’s denim. The D2C brand claims to have a revenue of Rs 4.5 crore in the first year of its launch and is set to close the current financial year at around Rs 15 crore.

Since commencing operations in early 2020, Velocity has worked with over 2,500 e-commerce businesses. With Rs 3,300 crore of fundable revenues connected to Velocity’s platform, the fintech has already processed over 1,000 D2C investments. Its portfolio companies include Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience, and Setu.

ABOUT OFF DUTY

They are very fortunate to be building something together where they both have the same goals, passions and dreams which they were able to promulgate on a daily basis. A women with a dream needs a man with a vision.

India loves fast fashion and Pinterest inspired looks and we wanted to bring something edgy for our Clients that the Indian markets lacked. A product that every one loves and can’t do without is DENIMS. Back in time all we had access to were basic skin fit denims and with the ever evolving denim trends internationally,  we started working towards bridging the gap between the two.

Ankush Kumar
Ankush Kumarhttps://www.marketmoney.in
Ankush Kumar is the Founder of Market Money. He is an expert in Banking and Finance. He has appeared in B.Com (Banking & Finance) From Govt. College in Lucknow.

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