French Crown, a premium fast-fashion brand, raised Rs 8.6 crores through the revenue-based financing platform Velocity.in over multiple tranches.
Ilesh and Bhavdip Ghevariya founded the fashion brand French Crown, which is well-known for its trendy and premium apparel. French Crown says it will launch more than 200 designs each week, focusing on innovation and customer satisfaction.
“With Velocity’s strategic partnership, we have achieved a significant milestone by becoming an Rs. 100 crore bootstrapped brand, demonstrating our ability to grow in a highly competitive market,” said Ilesh Ghevariya, chief executive officer of French Crown.
“This partnership has enabled us to invest in strategic marketing initiatives, resulting in increased brand visibility across the globe,” Ghevariya added.
The firm, which has a presence in over 90 countries, claims that it has a 50% customer retention rate, which is higher than the 28.2% industry standard.
Bengaluru-based Velocity offers revenue-based financing at an interest rate of 4-8% as an alternative to conventional VC funds and traditional bank debt for Indian e-commerce businesses. Velocity has collaborated with more than 2,500 e-commerce businesses since it began operations in early 2020. It was founded in early 2020 by IIT Bombay graduates Abhiroop Medhekar, Atul Khichariya, and Saurav Swaroop. Its portfolio companies include Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience, and Setu.
“I am thrilled that Velocity, as a growth partner, has been instrumental in fueling the remarkable success of French Crown. By incorporating eco-friendly materials, adopting ethical manufacturing practices, and prioritizing transparency in the supply chain, French Crown has emerged as an influential force in conscious fashion,” said Atul Khichariya, co-founder of Velocity.