Indian direct-to-consumer denim brand Freakins has recently secured $4 million in seed funding. The investment is led by Matrix Partners India and Blume Ventures. These funds will be utilized to enhance the supply chain, expand the brand’s omnichannel presence, recruit new talent, and introduce innovative products. With its ambitions set on becoming a key player in India’s flourishing denim market, which is forecasted to reach INR 91,894 crore by 2028, Freakins is well-positioned for growth.
In a surprising turn of events on this fine Wednesday, Freakins, the D2C denim fashion brand, proudly announced a staggering $4 Mn (INR 33 Cr approx.) infusion in its seed funding round.
Matrix Partners India and Blume Ventures have taken the lead in this funding extravaganza. Over 30 angel investors, including Revant Bhate of Mosaic Wellness, Utkrishta Kumar of Meesho, and OfBusiness’s Asish Mohapatra, have also jumped on the funding bandwagon, along with a handful of influencers.
This windfall of fresh capital will be wisely deployed by Freakins to forge powerful partnerships with esteemed factories that specialize in denim, knits, and woven fabrics to fortify their supply chain capabilities like never before. Freakins plans to expand its omnichannel presence, and to achieve that, they will use these funds to hire top-tier talent and introduce new SKUs that will undoubtedly captivate the masses.
Back in 2019, Puneet Sehgal and Shaan Shah joined forces with Sachin Shah to create this remarkable venture. Initially, the brand exclusively catered to women, but just this past February, it boldly stepped into the men’s fashion arena, transforming itself into a Gen-Z denim wear brand that perfectly encapsulates the spirit of the new age.
Founder and CEO Sehgal, in a moment of pure candor, shared, “Our business model is fueled by a relentless desire to bring fast fashion to this glorious country. This means we unleash a jaw-dropping collection of 100-150 new styles on unsuspecting fashion enthusiasts every month. As if that weren’t enough, we also surprise them with an additional 25-50 new styles per week.”
With such audacity, Freakins understands that their supply chain must be flawlessly integrated, with product design, development, sampling units, and bulk manufacturing all falling under their complete control or in the hands of trusted partners.
By seamlessly owning the entire process, from conception to creation, and by ensuring their presence in storefronts, design studios, and factories, Freakins claims they can maintain unparalleled quality control and achieve lightning-fast turnaround times. This ingenious strategy also allows them to stay attuned to the ever-changing preferences of their adoring customers.
Freakins has already ventured into the realm of online marketplaces. You can find their exquisite denims not only on their own website but also on renowned platforms like Amazon, Flipkart, and Myntra.
Freakins has an even bolder plans of offline retail domination. Yes, dear readers, within the next 12 months, they will embark on an exhilarating journey into the brick-and-mortar world. The exact details of their offline strategies, however, remain tantalizingly concealed.
With over 35 product categories and a staggering selection of more than 1,500 styles, Freakins has certainly established its presence in the denim fashion cosmos. As a testament to their resounding success, Sehgal proudly revealed that Freakins achieved a remarkable gross revenue of INR 22 Cr-INR 23 Cr in the fiscal year 2023. Freakins has set its sights on grander horizons, aiming to become a towering INR 100 Cr brand by the close of 2024.
Now, let’s delve into the grand tapestry of the Indian denim market, which is expected to skyrocket to an astonishing INR 91,894 Cr by the year 2028. In this fierce battleground, Freakins finds itself in the company of global behemoths such as Levi Strauss, Lee, Wrangler, Diesel S.p.A, and Pepe Jeans, not to mention formidable homegrown D2C brands like High Star (acquired by Mensa), Snitch, and Bewakoof. This market is as competitive as it gets.
According to expert analysis, the ecommerce fashion and apparel market is poised to transform into a mesmerizing $112 Bn opportunity by the year 2030, leaving its humble $20 Bn roots in the rearview mirror.
