Matrix and Blume invest in D2C fashion brand Freakins

Entrackr · 23d

Exclusive: Matrix and Blume invest in D2C fashion brand Freakins Gen Z-focused direct-to-consumer brand Freakins is raising Rs 25 crore (approximately $3 million) in its Series A round from existing investors Matrix Partners India and Blume Ventures. The board at Freakins passed a special resolution to issue 34,936 Series A1 compulsory convertible preference shares at an issue price of Rs 7,156 to raise Rs 25 crore or $3 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The D2C brand intends to utilize the proceeds to fund its business expansion and growth, according to regulatory filings. Entrackr estimates that Freakins’ post-money valuation has surged 2.3X to Rs 230 crore ($27 million), up from Rs 102 crore in its previous seed round. This could be part of a larger funding round, with the company potentially raising more capital during this round. Founded by Puneet Sehgal and Shaan Shah, Freakins is a D2C fashion brand specializing in trendy denim apparel for men and women, including jeans, skirts, tops, jackets, cargo, and shirts. The brand leverages influencer marketing, celebrity collaborations, and social media engagement to drive sales. Freakins claims to have over 35 categories and all styles are designed and manufactured in-house, and products are sold through direct-to-consumer channels and marketplaces. According to TheKredible, Freakins had raised $4.9 million before this round, including a $4 million seed round in July 2023. Post-allotment, Matrix Partners and Blume Ventures will each hold a 17.34% stake in the company. The Mumbai-based company has not yet disclosed its financials for FY24. In its first year of operations (FY23), it reported a revenue of Rs 70.6 lakh and a loss of Rs 15.43 lakh.