French Crown, a popular premium fast-fashion brand, has secured a total of INR 8.6 crore in funding from revenue-based financing platform Velocity.in. The investment marks a significant milestone for the fashion brand as it continues to expand its global presence and revolutionize the industry.
Founded by Ilesh Ghevariya and Dhavdip Ghevariya, French Crown has made a name for itself with its high-quality and trendy apparel offerings. The brand takes pride in its commitment to innovation and customer satisfaction, boasting an impressive claim of launching more than 200 new designs every week.
In a press release, Ilesh Ghevariya expressed his enthusiasm about the partnership with Velocity.in, stating, “This partnership has enabled us to invest in strategic marketing initiatives, resulting in increased brand visibility across the globe.” The funding will undoubtedly fuel French Crown’s growth ambitions and support its mission to provide cutting-edge fashion to customers worldwide.
With a presence in over 90 countries, French Crown has managed to establish a strong customer base, achieving a remarkable 50% retention rate. This achievement surpasses the industry average of 28.2% and speaks to the brand’s ability to captivate and retain its customers amidst fierce competition.
Velocity.in, headquartered in Bengaluru, specializes in offering revenue-based financing solutions to Indian e-commerce businesses. Unlike traditional VC funds and bank debt, Velocity.in provides an alternative financing option with interest rates ranging from 4% to 8%. Since its inception in early 2020, the platform has successfully collaborated with more than 2,500 e-commerce businesses, supporting their growth and expansion plans.
Velocity.in’s portfolio includes notable companies such as Power Gummies, SUMOOR, Crossbeats, Green Soul, WallMantra, BellaVita, WaterScience, and Setu. By working closely with these brands, Velocity.in has solidified its position as a trusted partner in the e-commerce ecosystem, offering innovative financial solutions tailored to the unique needs of each business.
The successful funding round led by Velocity.in showcases the confidence and support French Crown has garnered in the industry. With the additional capital, the brand is well-equipped to accelerate its growth trajectory and continue its mission of delivering fashionable and trendsetting products to its loyal customer base.