New Delhi: Barcelona, a fashion and apparel brand for men on Thursday said it has raised Rs 5 crore debt capital from a non-dilutive funding marketplace and growth platform, GetVantage.
The funds will be used to open around 50 outlets across the country in the current financial year FY24, and in stepping up its marketing efforts, the menswear brand said.
The company has also filed for an IPO and has been growing at a CAGR of 7.6 per cent. It has closed FY23 with a topline of Rs 175 crore.
It is betting big on the increasing demand for men’s fashion in India coming especially from the tier 2 and 3 markets on the back of increased awareness about fashion on various social media platforms.
Jaimin Gupta, managing director at Barcelona said, “Our vision is to build India’s largest retail network of multibrand outlets through our brand and we are quite close to attaining that target. Businesses like us are capital intensive and we are constantly looking for equity-free and collateral-free working capital. Fortunately, revenue-based finance in India is gaining popularity and helping SMEs like us grow exponentially.”
Founded in 2015 by Jaimin Gupta, the Ahmedabad-based D2C brand caters to all kinds of clothes ranging from shirts, t-shirts, jeans, trousers, shorts, and other fashion accessories.
Currently, it has over 130 exclusive brand outlets (EBOs) in more than 70 cities across India.
The brand has a B2B app to create a single brand to retailer channel for selling wholesale stock to apparel retailers. Its app has registered about 7000 garment retailers and aims to onboard 1 lakh retailers in FY24.
It has also roped in Sonu Sood as its brand ambassador to create a brand recall in towns beyond the metros.
Karun Arya, chief growth officer, GetVantage shared, “Menswear is having a bit of a renaissance movement in India as the male consumer becomes more discerning in their taste for fashion. This evolving consumer behavior is helping new-age brands grow the overall market significantly. We are excited to help businesses like Barcelona capitalize on this whopping $20 billion-dollar apparel opportunity.”