New Delhi: Celcius, a leading Indian sustainable fashion brand, has announced a successful Series A funding round led by IvyCap Ventures. The company raised Rs 100 crore (approximately $13.5 million) in the round, which it will use to expand its retail footprint, increase production capacity, and invest in technology.
Celcius was founded in 2018 by Aditya and Paritosh, who are passionate about creating fashionable and sustainable clothing. The company uses natural and eco-friendly materials, such as organic cotton and bamboo, to create its collections. Celcius also ensures that all its products are ethically made, using fair trade practices.
The company has quickly gained a following among environmentally conscious consumers in India, who appreciate its commitment to sustainability. Celcius currently operates six retail stores in major Indian cities and has an online presence through its website and e-commerce platforms.
With the new funding, Celcius plans to expand its retail presence, with a goal of opening 50 stores across India over the next three years. The company also plans to increase its production capacity and invest in technology to streamline its operations and improve customer experience.
IvyCap Ventures, the lead investor in the Series A round, is a leading venture capital firm based in India. The firm has a strong track record of investing in innovative companies with high growth potential. IvyCap Ventures has previously invested in companies such as Purplle, RBL Bank, and Gynoveda.
Commenting on the investment, Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, said, “We are thrilled to partner with Celcius, a brand that is making a meaningful impact in the fashion industry. We believe that Celcius has the potential to become a leading sustainable fashion brand in India and beyond, and we look forward to supporting the company on its growth journey.”
Aditya and Paritosh, the founders of Celcius, expressed their excitement about the investment, saying, “We are thrilled to have IvyCap Ventures on board as our investor. This funding will help us accelerate our growth plans and bring sustainable fashion to more consumers across India. We are grateful for the support and look forward to working closely with IvyCap Ventures to achieve our vision.”
In conclusion, the Series A funding round is a significant milestone for Celcius and highlights the growing demand for sustainable fashion in India. With IvyCap Ventures’ support, Celcius is well-positioned to achieve its ambitious growth plans and become a leader in the sustainable fashion industry.