Direct-to-consumer men’s innerwear brand Almo on Wednesday said it has raised USD 2 million (over Rs 15 crore) in pre-Series A round funding led by Inflection Point Ventures.
The funding round also saw the participation of other investors, including LetsVenture and AngelList India, the startup said in a statement. Almo said it intends to bolster its branding and marketing efforts along with setting up its state-of-the-art R&D lab to continue innovating on sustainable product lines.
Almo co-founder and CEO Abhishek Shah said, “We have always followed a lean approach to scale with positive unit metrics, with this funds infusion, we plan to continue strengthening our team and brand to scale across various online marketplaces, though D2C continues to be our primary channel, which has been an edge against the traditional incumbents”.
He further said, “We also plan to explore international markets this year via Amazon’s global selling propel accelerator program access”. Inflection Point Ventures (IPV) co-founder Mitesh Shah said, “Almo, with its clear vision to make premium sustainable men’s essential wear, is deep-rooted in consumer engagement via a digital-first approach, (and) has a great potential to bridge the gap in the market”.
With the growing need and evolving market, IPV aims to extend its expertise to strengthen the brand’s sustainable and innovative men’s product line, he added. Almo said it aims to cross Rs 100 crore revenue by year-end and it also plans to strengthen its over 30-people team with “strategic hirings across key areas to lay the foundation for the long term scale-up opportunities”.
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