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.
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.