Gurgaon-based direct-to-consumer (D2C) men's innerwear brand Almo has raised $2 million (approx. Rs 15.5 crore) in a pre-Series A funding round led by Inflection Point Ventures (IPV), a Gurugram-based angel investment firm.
The round also saw participated LetsVenture, AngelList India, and other prominent angels from the industry.
Launched in June 2020 by Abhishek Shah, Muskaan Jain, and Chhavi Bhardwaj, Almo says it is bringing the Italian seamless designs and sophistication to the Indian men's closet at the reasonable prices.
The brand claims to have grown tremendously in terms of revenue and offerings in a short time since its inception and is aiming to cross Rs 100 crore in revenue by the end of this year. According to the statement, Almo will use the raised capital to bolster its branding and marketing efforts and set up its state-of-the-art R&D lab to continue innovating on sustainable product lines.
The brand also plans to strengthen its 30+ people team with strategic hirings across key areas to lay the foundation for the long-term scale-up opportunities, it said.
"We have always followed a lean approach to scale with positive unit metrics, with this funds infusion we plan to continue strengthening our team & brand to scale across various online marketplaces, though D2C continues to be our primary channel which has been an edge against the traditional incumbents," said Abhishek Shah, Co-Founder & CEO of Almo.
He further said that the brand is looking to explore international markets this year via Amazon's Global Selling Propel Accelerator program access.
With a focus on bringing an elevated experience to the new-age digital users, Almo says it is constantly iterating its product to solve the consumers’ problems of accessing premium quality essentials wear with the right style & comfort balance delivered seamlessly.
Speaking on the investment, Mitesh Shah, Co-Founder of Inflection Point Ventures, said, “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," Mitesh adds.