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Bengaluru-based startup BlissClub has raised $18 million (nearly ₹140 crore) in its Series A round led by Eight Roads Ventures and existing investor Elevation Capital, the company announced on Wednesday.
The women wellness direct-to-consumer activewear brand has raised $15 million in equity funding from various investors comprising – Elevation Capital, Swiggy CEO Sriharsha Majety, Mamearth co-founder Ghazal Alagh, Licious co-founders Vivek Gupta and Abhay Hanjura, former Myntra CEO Amar Nagaram, Softbank executives Munish Varma and Sumer Juneja.
In addition, the startup has raised another $3 million debt funding from Stride Ventures in the series A round.
The funding comes at a time when various D2C brands are seeing growth flatten as demand falls.
BlissClub plans to use the funds to invest in research and development and product development, double its team size by hiring across functions and channel development across its own app and offline, the company said in a statement.
Minu Margeret, BlissClub founder and CEO, said, "BlissClub has grown 45 per cent month-on-month with only 10 products, supported by our growing customer base. We are looking to set up in-house research and development that work on new products, technical aspects in terms of fabric, fit etc."
The firm will invest in doubling its current team size of 70 in the next six to eight months, Margeret said.
