A D2C e-commerce platform, DSLR Technologies is raising INR 18.96 crore which comes to USD 2.24 million in a pre-Series. The round saw the participation from existing investors Z47 - formerly Matrix Partners India - and Accel India.
At an issue price of Rs 22,224 to raise INR 18.96 crore or USD 2.24 million, the board at DSLR Technologies has passed a special resolution to issue 8,530 pre-Series A cumulative preference shares; its regulatory filing accessed from the Registrar of Companies (RoC) shows. Also to note, the filings added that the Company will deploy funds for the purposes of capital expenditure, marketing and general corporate purposes.
DSLR Technologies was established by Ankush Goyal and operates a D2C brand Aramya which offers ethnic wear for women. With premium fabrics such as pure cotton and linen cotton, the brand combines traditional hand-printed designs which include block prints, bandhani, and ajrakh.
According to a credible data intelligence platform TheKredible, the company will be valued at around INR 381 crore which comes to USD 45.3 million post-allotment. Hence marking an 80 percent increase in its valuation compared to its USD 25 million during the seed round.
It has come to light that Z47 (Matrix) and Accel will hold a 14.78 percent stake in the company, following the fresh proceeds. Moreover, the new round appears to be ongoing, and DSLR is likely to raise additional funds. At the same time, its valuation and cap table will change. Led by Matrix Partners and Accel Partners, the Jaipur-based company previously raised around USD 7 million in its seed round.
With INR 41 lakh from operations, and incurred a net loss of INR 10 crore, the company reported INR 2.66 crore in total revenue for FY23. However, Aramya’s parent has yet to file its FY24 financial report.
There are other several fast fashion D2C-focused brands who have secured funding this year. These players include Newme and Libas who secured USD 18 million each. Also, French Crown raised funds from Velocity, the previous year.
