blissclub: Apparel maker Blissclub sees FY23 loss widen four-fold

The direct-to-consumer (D2C) firm, which focuses on selling long-lasting women’s apparel, also saw its operating revenue surge 4.5 times to reach Rs 68.3 crore in FY23.

In FY22, the firm earned Rs 15 crore in operating revenue, while incurring a loss of Rs 9 crore.

Blissclub is known for making products that it does not retire for long periods of time, like its ‘ultimate leggings’, a stark contrast to fast fashion’s seasonal churn of new products.

The firm’s total expenses came up to Rs 108 crore in FY23, over 4.5 times higher than the Rs 24 crore in FY22.

The Bangalore-based firm spent Rs 58 crore on purchase of goods, its biggest cost component, in FY23, compared to Rs 13.2 crore it spent in FY22. The firm also spent Rs 23.1 crore in employee benefit expenses in FY23.

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In May 2022, Blissclub raised $15 million in a funding round led by Eight Roads Ventures and Elevation Capital. The round, in which the firm did not disclose its valuation, also saw participation from angel investors like Swiggy’s chief executive Sriharsha Majety, Mamaearth cofounder Ghazal Alagh, Licious cofounders Vivek Gupta and Abhay Hanjura, and former Myntra chief executive Amar Nagaram, among others.

Even amid a harsh funding winter, Indian D2C firms have been able to sporadically raise funds this year. Freakins, a D2C apparel firm with a focus on denim, raised $4 million in a funding round led by Matrix Partners India and Blume Ventures. Outside apparel, D2C firms like beauty and personal care products maker Pilgrim raised $20 million in a funding round led by Vertex Ventures Southeast Asia and India.

Meanwhile, Honasa Consumer Ltd, the parent company of personal care brand MamaEarth, debuted on the stock market on October 31. The firm reported a 93% growth in its net profit to Rs 29.4 crore for the quarter ended September 2023, on operating revenue of Rs 496 crore.

The direct-to-consumer (D2C) firm, which focuses on selling long-lasting women’s apparel, also saw its operating revenue surge 4.5 times to reach Rs 68.3 crore in FY23.

In FY22, the firm earned Rs 15 crore in operating revenue, while incurring a loss of Rs 9 crore.

Blissclub is known for making products that it does not retire for long periods of time, like its ‘ultimate leggings’, a stark contrast to fast fashion’s seasonal churn of new products.

The firm’s total expenses came up to Rs 108 crore in FY23, over 4.5 times higher than the Rs 24 crore in FY22.

The Bangalore-based firm spent Rs 58 crore on purchase of goods, its biggest cost component, in FY23, compared to Rs 13.2 crore it spent in FY22. The firm also spent Rs 23.1 crore in employee benefit expenses in FY23.

Discover the stories of your interest

In May 2022, Blissclub raised $15 million in a funding round led by Eight Roads Ventures and Elevation Capital. The round, in which the firm did not disclose its valuation, also saw participation from angel investors like Swiggy’s chief executive Sriharsha Majety, Mamaearth cofounder Ghazal Alagh, Licious cofounders Vivek Gupta and Abhay Hanjura, and former Myntra chief executive Amar Nagaram, among others.

Even amid a harsh funding winter, Indian D2C firms have been able to sporadically raise funds this year. Freakins, a D2C apparel firm with a focus on denim, raised $4 million in a funding round led by Matrix Partners India and Blume Ventures. Outside apparel, D2C firms like beauty and personal care products maker Pilgrim raised $20 million in a funding round led by Vertex Ventures Southeast Asia and India.

Meanwhile, Honasa Consumer Ltd, the parent company of personal care brand MamaEarth, debuted on the stock market on October 31. The firm reported a 93% growth in its net profit to Rs 29.4 crore for the quarter ended September 2023, on operating revenue of Rs 496 crore.