Mydesignation raises Rs 10.7 crore in funding round led by Multiply Ventures

Mydesignation, a direct-to-consumer (D2C) fashion and lifestyle brand has raised Rs 10.7 crore ($1.3 million) in a seed funding round led by Multiply Ventures.

The funding round also saw participation by Veltis Capital, Sattva Ventures, Dominor Investment Holdings, and Green Trunk Ventures.

The company will utilise the funds to strengthen its team, enhance technology, product innovation and offline expansion.

Commenting on the funding, Swaroop Krishnan, co-founder of Mydesignation in a statement said, “We’ve already achieved 100% year-on-year growth for four consecutive years while staying profitable. With this fundraise, our goal is to drive 200% growth, without compromising on our financial discipline or customer satisfaction.”

Sanjay Ramakrishnan, founding partner at Multiply Ventures added, “The team’s journey of bootstrapping the brand over four years to its current standing is a story of grit, clarity on the opportunity, and very focused execution. As founders, Swaroop and Gopika have demonstrated remarkable financial discipline, a deep understanding of their consumers, and a brand-first mindset.”

Founded in 2020 by husband-wife duo Swaroop Krishnan and Gopika Menon, Mydesignation claims to have strong customer base of over 5 lakh consumers.