Almo Digital Pvt Ltd, which runs direct-to-consumer (D2C) men’s innerwear brand Almo, on Wednesday said it has secured pre-Series A funding of $2 million (around Rs 15 crore) led by Inflection Point Ventures, with LetsVenture and AngelList India, among other angel investors.
The startup plans to deploy the fresh capital to strengthen its branding and marketing, along with its research and development lab, for an innovative and viable product range.
It claims to bring Italian designs and sophistication to the Indian men's closet at the right price point.
“Almo’s vision is to be the one-stop essentials’ destination for the evolved man, led by product innovation and customer obsession. With this funds infusion we plan to continue strengthening our team and brand to scale across various online marketplaces, though D2C continues to be our primary channel which has been an edge against the traditional incumbents. We also plan to explore international markets this year via Amazon's Global Selling Propel Accelerator program access," said Shah.
According to the startup's statement, Almo has witnessed strong growth in terms of revenue and offerings in a short time since its inception and aims to cross Rs 100 crore revenue by this year.
“Almo with its clear vision to make premium sustainable men’s essential wear is deep-rooted in consumer engagement via a digital-first approach, has a great potential to bridge the gap in the market.
With the growing need and evolving market, IPV aims to extend its expertise to strengthen the brand’s sustainable and innovative Men’s product line. Additionally, IPV looks forward to scaling its primary market and helping them tap the global market in the near future," said Mitesh Shah, Co-Founder of Inflection Point Ventures.