New Delhi, June 12 -- Men's ethnic wear brand Kisah Apparels Pvt Ltd said Thursday it has raised Rs 13 crore ($1.5 million) in an angel funding round as the company gears up for a larger Series A round of funding.
The current round was led by Wow! Momo founder Sagar Daryani, along with Apoorv Salarpuria of Salarpuria Investments, Shrachi Group CEO Rahul Todi, RDB Group CEO Vinod Dugar, and Inflection Point Ventures.
With the fresh capital, the company intends to scale its offline presence and direct-to-consumer (D2C) operations, as well as invest in brand-building.
Kisah was founded by former investment banker Yash Sarawagi and former consultant Yashwi Ladasaria in 2018, who were later joined by Saurav Kothari. The Kolkata-based company started as a marketplace for ethnic wear, growing into an omnichannel brand.
"E-commerce gave us pan-India reach and deep customer insights, which are now fueling our D2C (direct-to-consumer) and offline growth-backed by data, customer pull, and positive cash flow at the company level," said Sarawagi, who is also CEO of Kisah Apparels.
The company currently operates two offline retail stores and plans three more outlets across key cities. By 2029-30, the company aims to operate around 200 offline stores and projects revenue of Rs 500 crore.
For the financial year ended March 2024, Kisah's operating revenue rose 42% to Rs 25.4 crore with a net profit of 93 lakh. In the preceding fiscal year, the company reported revenue of Rs 17.8 crore with a profit of Rs 81 lakh, as per VCCEdge, the data intelligence platform of VCCircle. The company claims to have grown at 55-60% compounded annual growth rate (CAGR) on a year-on-year basis over the last four years. Kisah expects to close the current financial year at an annual run rate of Rs 80 crore.
Published by HT Digital Content Services with permission from VC Circle.