New Delhi: The Indian Garage Co. (TIGC), a fast-fashion D2C brand is targeting to achieve a revenue of Rs 1,000 crore in the next three years as it plans to expand its offline presence in tier 2 and 3 cities of India, Anant Tanted, founder and CEO of the company said in an interview with ETRetail.
In the last fiscal, the bootstrapped company generated a revenue of Rs 220 crore. Also, it clocked a gross merchandise value (GMV) of Rs 300 crore in FY23 and expects to double it to Rs 600 crore in FY24.
The company is EBITDA positive and not burning cash, Tanted shared.
Currently, its 95 per cent of revenue comes from online channels and rest 5 per cent comes from offline channels.
With a presence in large format stores only and plans of expansion in tier 2 and beyond regions, the fast fashion firm expects to open around 100 company-owned and franchise-operated stores in the coming year.
Sharing about its online presence, Tanted said that the company started its own portal in 2021 and before that, it was associated with major e-commerce portals like Ajio, Myntra, Flipkart, and Amazon since the onset of e-commerce in India.
Through its D2C channels, TIGC is working to bridge the gap and fulfill the needs of new-age consumers to buy on-trend products (apparel) across the country, the company said.
Talking about the usage of technology, he shared that the company is set to launch its in-house tech called Chanakya in August which will be for both online and offline channels, and building its omnichannel presence.
On its working model, the brand shared that it follows an end-to-end solution model, doing its own research, design, fabric procurement, and manufacturing. It focuses on its core competency which is design, and technical expertise, and for production, it has partnered with 40-45 small entrepreneurs providing them with required technical assistance and financial aid.
Expressing views on the company’s business approach, Tanted said, “Value comes with volume, so we are looking to serve a very big market. Our pricing starts from Rs 399 and about 90 per cent of our products are below Rs 1,000. So, I think for us there is no stopping on volumes, and with bigger volumes value will also come.”
Founded in 2011, The Indian Garage Co. currently services about 5 lakh consumers a month.
The men’s wear-focused D2C firm recently has added more brands under its umbrella including women’s wear brand Freehand and a plus-size fashion brand Hardsoda.