BlissClub, a Bengaluru-based direct-to-consumer (D2C) activewear brand focused on women, witnessed a significant surge in its operating revenue, reaching Rs 68 crore for the financial year ending 31 March 2023.
However, the company also experienced increased losses, amounting to Rs 36 crore, marking a fourfold rise compared to the same period in the previous year, according to its regulatory filing.
In FY22, BlissClub generated Rs 15 crore in operating revenue while incurring a loss of Rs 9 crore.
Originally an online activewear retailer, BlissClub has diversified its operations by venturing into offline stores to compete with fast fashion brands. Despite facing losses, the company has been strategic in expanding its presence.
In May 2022, BlissClub successfully raised USD 15 million in a funding round led by Eight Roads Ventures and Elevation Capital. The angel investors, including Sriharsha Majety (Swiggy’s CEO), Ghazal Alagh (Mamaearth cofounder), Vivek Gupta and Abhay Hanjura (Licious cofounders), and Amar Nagaram (former Myntra CEO), also participated in the funding round.
Despite a challenging funding environment, various Indian D2C firms have managed to secure funds. For instance, Freakins, a D2C apparel company specializing in denim, raised USD 4 million in a funding round led by Matrix Partners India and Blume Ventures.
In a different sector, Pilgrim, a D2C beauty and personal care products maker, secured USD 20 million in a funding round led by Vertex Ventures Southeast Asia and India.
Furthermore, Honasa Consumer, the parent company of MamaEarth, made its stock market debut on 31 October. The firm reported a 93 per cent growth in net profit, reaching Rs 29.4 crore for the quarter ending September 2023, with operating revenue totaling Rs 496 crore.
