Almo, a direct-to-consumer (D2C) business that sells men’s underwear, has secured $2 million in pre-Series A investment led by Inflection Point Ventures. According to a release, the firm will utilise the cash to enhance its branding and marketing activities as well as establish its R&D lab. LetsVenture, AngelList India, and more angel investors also participated in the round.
Almo was founded in June of 2020 by Abhishek Shah, Muskaan Jain, and Chhavi Bhardwaj, and it provides an assortment of basic apparel, including underwear, topwear, loungewear, and winter wear. According to the corporation, the brand’s revenue goal is to surpass Rs 100 crore for the current calendar year.
“Almo also aims to improve its 30+ person team with strategic hires in key areas to build the groundwork for long-term growth potential,” according to a press statement.
“In response to rising demand and an expanding market, IPV intends to bolster the brand’s sustainable and creative men’s product range. In addition, Inflection Point Ventures is looking forward to expanding its core market and assisting its clients in entering the worldwide market in the near future, according to Mitesh Shah, co-founder of the company. IPV has invested Rs 400 crore across over 120 transactions.
This year, Almo intends to expand into foreign markets via Amazon’s Global Selling Propel Accelerator programme.
Abhishek Shah, co-founder and CEO of Almo, stated, “We have always followed a lean approach to scale with positive unit metrics… we plan to continue strengthening our team and brand to scale across various online marketplaces, though D2C remains our primary channel, giving us an edge over the traditional incumbents.”