19th November 2020. Mumbai: DaMENSCH, a premium men’s apparel brand announced today that it has raised approximately INR 50cr from Matrix Partners India, Saama Capital, Whiteboard Venture Partners and Alteria Capital.
DaMENSCH was established in late 2018 by Anurag Saboo and Gaurav Pushkar, with the vision of redefining the standards of quality, aspiration, and comfort for the modern man. Their product line reflects the brand’s ideology of innovation which started with an exceptional range of innerwear that includes “Deo-Soft” - India’s first odour cancelling underwear, “Neo-Skin” - thermoregulating vests made from a curated composition of sustainable bamboo fibres, amongst other products catered to the comfort of the modern man. In a step towards sustainability, DaMENSCH’s latest packaging is made from corn and is devoid of any form of plastic. The brand’s target audience comprises men in the age group of 20-45 years.
DaMENSCH sells through its own native website along with other major e-commerce retailers such as Amazon, Flipkart, and Myntra, among others. Their strong social media connection ensures that a majority of the brand’s sales are routed directly through their own platform, allowing them to truly leverage the direct-to-consumer channel.
The brand not only grew 3x post lockdown but has also turned profitable. They clocked a cumulative sales of over INR 1cr within 5 days during the festive sale period in October. DaMENSCH has also consistently achieved category-leading ratings & reviews for their products across all e-commerce platforms, which is a testament to the customer love and brand pull they have been able to generate in a short period of time.
Anurag Saboo, Co-founder, DaMENSCH, said, “Through our innovative products, we are on a mission to make men not only comfortable but also confident to stay distinctive in whatever they do. We started this journey by challenging the status quo for men’s innerwear and now plan to move ahead to further expand our offerings.”
“At DaMENSCH, we are pushing the limits of textile engineering and solving unseen problems. Obsession with the best is the secret sauce of DaMENSCH. We are continuously improving and expanding our line up with unique and distinguished products which help us maintain a differentiated quality experience for our customers in the market.”, added Gaurav Pushkar, Co-founder, DaMENSCH.
Ash Lilani, Partner, Saama Capital, commented, “We're thrilled about the traction demonstrated by the DaMENSCH team in becoming the leading brand in India for men's essentials. We are excited to back Anurag and Gaurav given their passion to build a business differentiated by high quality products, strong brand values and a customer-first approach.”
“DaMENSCH is a strong example of how a new age direct-to-consumer brand should be built with high customer centricity coupled with sharp focus on the financial metrics and profitability of the business. We are so delighted to have been part of this journey from the start”, said Anshu Prasher, Partner, Whiteboard Venture Partners.
“We are excited to double down on our investment in Gaurav and Anurag with the excellent progress made at DaMENSCH! From the outset, the product and customer focus of the founders was apparent in the customer love and product reviews and has now shown up in the business growing almost 8x in the last 18 months. We look forward to the exciting journey ahead along with our co-investors Saama, Whiteboard and Alteria.”, Avnish Bajaj, Founder & Managing Director, Matrix India, also added.
With innovations that go beyond designs, DaMENSCH is on a mission to create apparel for modern men who believe in staying ahead and distinguished in whatever they do. The brand’s journey started with the most neglected cloth in a man’s wardrobe, his innerwear, and now plan to expand this innovation in other categories. To know more about DaMENSCH, visit: https://www.damensch.com/
About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading consumer-focused companies such as, W For Woman (ready to wear fashion label), Chumbak (design led lifestyle brand), Country Delight (direct-to-home, mass premium milk brand), Mosaic Wellness (lifestyle & wellness consumer brand), OZiva (plant-based nutrition brand) &Me (F&B brand focused on women’s health & wellness), The Whole Truth (a 100% clean label food brand), and Open Secret (F&B brand focused on the healthy snack market).
Other marquee investments include Ola (local transportation), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Mswipe (mobile POS), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Ola Electric (multimodal electric vehicle platform), Razorpay (payments), Stanza Living (tech enabled student housing platform), Vogo (scooter sharing), and Cloudnine Hospitals (leading chain of maternity hospitals), among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.