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Elevation Capital, Eight Roads Ventures co-lead $15 mn round in D2C brand BlissClub
Photo Credit: 123RF.com

Women’s activewear direct-to-consumer (D2C) brand BlissClub Fitness Pvt Ltd, on Wednesday said it has raised $15 million (around Rs 115.5 crore) as a part of its Series A round co-led by Eight Roads Ventures and existing investor Elevation Capital.   

The round also saw participation from investors including Swiggy CEO Sriharsha Majety; Mamaearth Co-Founder Ghazal Alagh; Licious Co-founders Vivek Gupta and Abhay Hanjura; former Myntra CEO Amar Nagaram; SoftBank executives Sumer Juneja and Munish Varma; Shopify executive Brennan Loh and global fashion influencer Masoom Minawala. 

Founded by Minu Margeret, BlissClub creates fitness and wellness apparel for women.

The company claimed it has clocked 25-fold growth in 10 months and aims to clock an annual recurring revenue (ARR) of Rs 100 crore over the next six months    

The fresh funds will be used to build its app, research and development, marketing and brand building and expand its team.   

BlissClub has grown 45% MoM with only 10 products, supported by our growing customer base. We build function over design, focusing on innovation and engineering incredible fabrics while solving specific problems of women and building a hero product only portfolio.

This is reflected in our NPS of 75, extremely low product return rates of 3% compared to the industry average of 35% and best-in-class retention rates, Margeret said in a statement.  

She added, “We have been able to build extremely nimble processes, to incorporate customer feedback into continuous improvement loops for our products. Our customer obsession extends to even naming our products and colours after our customers." 

In May 2021, BlissClub raised $2.25 million led by Elevation Capital and angel investors Neeraj Arora (ex-CBO, WhatsApp), Kunal Shah (Founder, CRED), Rahul Mehta (Managing Partner, DST) and Pam Lee (ex-Lululemon executive), among others.   

“BlissClub has grown 25X since our seed investment, while maintaining industry-leading NPS scores and repeat metrics. They have been able to scale fast while maintaining some very healthy business metrics on the back of building innovative growth channels and their product obsession.

The level of customer love BlissClub enjoys is unparalleled and we have not seen this in many other brands,” said Chirag Chadha, Vice President, Elevation Capital.

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