Besides the two venture capital funds, prominent angel investors including Swiggy’s CEO Sriharsha Majety; Mamaearth cofounder Ghazal Alagh; Licious cofounders Vivek Gupta and Abhay Hanjura; former Myntra CEO Amar Nagaram; SoftBank executives Munish Varma and Sumer Juneja; Shopify executive Brennan Loh and fashion influencer Masoom Minawala have also invested as part of this round.
This comes less than a year after the Bengaluru-based startup raised $2.25 million in a seed funding in May 2021.
Since then, it has seen its sales have grown 25 times, the company said in a statement.
BlissClub did not disclose its valuation post the funding round.
BlissClub founder and CEO, Minu Margeret said the firm is on track to hit the Rs 100 crore of annual revenue run-rate. Annual revenue run rate is a forecasting method that helps predict the financial performance of a company over a year based on past earnings.
“I think it started off just as an observation which became what we built out as BlissClub….Whoever is building for activewear is building for performance, which is 45 minutes in the gym,” Margeret told ET. The company operates with limited stock keeping units (SKU) which stand at 10 currently.
“If you look at the India market you see a lot of women do not go to the gym six days a week, but have other activities…like dropping kids to the school bus, doing some gardening. All this is an active lifestyle without going to the gym,” she said. “That became the insight, how do we build for 99% of the women for eight hours in a day, where they are able to marry the functionality of performance and comfort.”
Margeret said that over 90% of BlissClub’s sales are through its own platform while the rest comes from Amazon India and Myntra.
She said that the company will further invest in its technology team, expand into offline channels and also into research and development.
“From a growth and channel point of view, we were a community before we had a product…Building a commerce app for a D2C brand is actually a no-brainer. What we are building is a commerce plus community kind of play with our own app. So a large part of the funding will go into building out our tech team, building out the app,” she said.
“Activewear has become one of the fastest-growing apparel categories globally, including in India, driven by an increasing interest in fitness and shift towards comfortable clothing. BlissClub has received unparalleled customer love and it’s not surprising that they are one of the fastest-growing D2C brands in India today,” said Shweta Bhatia, partner and head of technology investments India, Eight Roads Ventures.