Freakins Raises Rs 25 Crore in Series A Funding Round

Freakins, a direct-to-consumer brand that targets Gen Z, is set to raise Rs 25 crore (around $3 million) in its Series A funding round, backed by current investors Matrix Partners India and Blume Ventures.

In a recent regulatory filing, Freakins’ board approved a resolution to issue 34,936 Series A1 compulsory convertible preference shares priced at Rs 7,156 each, aiming to raise a total of Rs 25 crore or $3 million. This move highlights Freakins’ commitment to further its business objectives and market presence.

According to estimates by Startup Superb, Freakins’ post-money valuation has more than doubled, increasing to Rs 230 crore ($27 million), compared to Rs 102 crore from its earlier seed round.

There are indications that this might be part of a larger funding initiative, with the prospect of additional capital being raised in this current round.

About Freakins

Founded by Puneet Sehgal and Shaan Shah, Freakins is a D2C fashion label known for its contemporary denim offerings for both men and women, presenting a diverse range including jeans, skirts, tops, jackets, cargo trousers, and shirts. The brand effectively employs influencer marketing, collaborates with celebrities, and engages with customers via social media to boost its sales figures.

Product Range and Strategy

Freakins boasts over 35 categories in its product lineup, all designed and produced in-house. These products are marketed through both direct-to-consumer avenues and various online marketplaces.

Reports indicate that Freakins has previously secured $4.9 million in funding, which includes a notable $4 million seed round in July 2023. Following this allotment, both Matrix Partners and Blume Ventures will possess a 17.34% stake in the business.

While the Mumbai-based company has not yet revealed its financial outcomes for FY24, it did report earnings of Rs 70.6 lakh along with a loss of Rs 15.43 lakh during its inaugural operational year (FY23).