BlissClub, a Bengaluru-based direct-to-consumer (D2C) women’s activewear brand, has raised ₹45 crore (approximately $5.3 million) in a mix of debt and equity funding. The round was led by existing investor Elevation Capital, with participation from Eight Roads Ventures and Alteria Capital, which contributed the debt component.
💰 Funding Details
- Total Amount Raised: ₹45 crore (~$5.3 million)
- Funding Type: Combination of debt and equity
- Lead Investors: Elevation Capital, Eight Roads Ventures, Alteria Capital
- Valuation: Maintained at ₹570 crore (~$67 million), consistent with its 2022 Series A round
- Share Allocation: 16,076 pre-Series B Compulsorily Convertible Preference Shares (CCPS) at ₹20,528 each and 1,200 non-convertible debentures at ₹1,00,000 each
The funds are earmarked for business growth, expansion, and general corporate purposes.Entrackr
📈 Business Performance
- FY24 Operating Revenue: ₹87 crore, a 27% increase from the previous fiscal year
- FY24 Net Loss: ₹44 crore
- FY23 Operating Revenue: ₹68 crore
- FY23 Net Loss: ₹36 crore
Despite revenue growth, the company continues to face challenges in achieving profitability.
🏢 Company Overview
Founded in 2020 by Minu Margeret, BlissClub specializes in women’s activewear, accessories, and lifestyle products. The brand has recently expanded into the travel wear segment and sells its products through its website and major e-commerce platforms like Myntra, Amazon, and AJIO.
📉 Recent Challenges
In January 2024, BlissClub laid off approximately 18% of its workforce, affecting around 21 employees. The layoffs were part of a restructuring effort aimed at cost reduction amid difficulties in raising fresh capital and high cash burn rates. Inc42 Media
🔮 Future Outlook
The recent funding round, despite being at a flat valuation, provides BlissClub with the necessary capital to pursue growth and expansion initiatives. The company’s focus on product diversification and strengthening its market presence positions it to navigate the competitive D2C activewear landscape
