Sixth Sense Ventures leads funding for clothing brand Freecultr
Freecultr, the premium direct-to-consumer (D2C) homewear, loungewear and sportswear brand, has raised $ 5 million (around Rs 37 crore) in a fundraising round of Series A, led by Sixth Sense Ventures, through Sixth Sense India Opportunities Fund.
In a statement, Freecultr said it will deploy the funds for expansion through consumer awareness, brand building as well as to accelerate the product and category.
âWe believe the Indian homewear category is about to be disrupted. Freecultr, with its product-centric and digital approach, is creating a solid niche for itself among the new age audience. We love the way the founders are building the business model around building a larger product portfolio and improved supply chain efficiency, âsaid Nikhil Vora, Founder and CEO of Sixth Sense Ventures.
Freecultr was founded in 2011 as an online fashion brand with support from Harish Bahl’s Smile Group. That same year, it raised $ 4 million from Sequoia, followed by an additional $ 9 million from Sequoia and the Moscow venture capital firm Ru-net, launched by Russian billionaire Leonid Boguslavsky.
The Freecultr brand was relaunched by its co-founders Shrey Luthra and Harshit Vij in 2019 with the aim of revolutionizing the intimate wear market by introducing environmentally friendly underwear, loungewear and sportswear and at the cutting edge of technology for men and women in India.
The company said it has seen strong quarter-over-quarter growth over the past year and is looking to disrupt the high-end comfort clothing space.
The start-up also received investments from the co-founders of the unicorn brand D2C boAt, Aman Gupta (also CMO at boAt), Sameer Mehta (also CPO of boAt), Chaitanya Ramalingegowda, co-founder of the brand D2C Wakefit, and Smile Group co-founder Manish Vij.
Sixth Sense Ventures was founded in 2014 by Vora, former Managing Director and Co-Head of Research at IDFC Securities. It claims to be India’s first consumer-centric venture capital fund.
Recently, she invested in Vedic Cosmeceuticals, supply chain robotics technology company Unbox Robotics, Wonderchef Home Appliances Pvt Ltd and GIVA, a Bengaluru-based fashion jewelry startup.
In a similar space, recently Jaipur-based textile trading platform Fabriclore raised $ 700,000 (around Rs 5 crore) and Gujarat-based start-up CanvaLoop Fiber Private Limited raised $ 200,000 (around Rs 5 crore). Rs 1.5 crore).