Freakins, a D2C denim clothing company secured $4 million (about INR 33 crore) in a seed funding round that was jointly managed by Matrix Partners India and Blume Ventures. Over 30 angel investors, like Asish Mohapatra of Of Business, Revant Bhate of Mosaic Wellness, Utkrishta Kumar of Meesho, and a few influencers, also participated in the investment round.
The company stated in a statement that it will use the funding to strengthen its supply chain skills by forming alliances with factories that specialise in knit, woven, and denim textiles. Freakins further plans to boost operations by bringing on new staff and launching new SKUs with the funding, as reported by Inc42.com.
“Our business model is to bring fast fashion to the country, so, that is where we can drop 100-150 new styles every month. We, anyway, drop about 25-50 new styles per week,” founder and CEO Sehgal told Inc42. “In order to do that, we are very clear that we need to be completely integrated on the supply chain side, we need to own product design, development, the sampling unit, and own bulk manufacturing or have partners who work very closely with us.”
Freakins asserts that it can maintain superior level of control and achieve quicker turnaround times by owning the entire process from shops to design to factories. Additionally, this aids in brand adaptation to shifting consumer tastes.
In 2018, Shaan Shah and Puneet Sehgal established Freakins. Freakins began as a women’s-specific denim company. Its aim is to see every female relaxed in whatever she wears, despite what has not changed.