Fri. Mar 29th, 2024

Bengaluru-based intelligent apparel brand Turms has raised ₹6.3 crore in funding from a clutch of prominent investors including Girish Mathrubootham, Founder & CEO, Freshworks.

Other investors that participated in the round include, Reliance Retail Lifestyle President Bijou Kurien, Pepperfry founder Ambareesh Murty, OneAssist founder Subrat Pani and former Flipkart executive Mekin Maheshwari, along with angels from LetsVenture & AngelList India.

Other marquee angels that participated in the round were Sumit Jain, co-founder Opentalk, Krishnan Akhileswaran, Group CFO at Apollo Hospitals, Prabhakar Sunder, former CFO of Voonik & Myntra, and Amit Lakhotia, former Tokopedia & Paytm executive.

The funds raised will be used to expand product range, hire tech talent, launch experience centres in top cities, and further invest in research and development.

Turms, operated by BigPhi Technologies, was founded by former Voonik employee Rameswar Misra and nano-technologist Rohit Gupta in 2016. The brand offers a range of men and women clothing across categories like jeans, t-shirts, shirts, and fitness leggings. The apparels offered are coupled with advanced IP technologies to make them stain repellent, odour repellent, durable, lightweight, and breathable.

Rameswar Misra, CEO and co-founder, Turms, said, “Globally, most large brands are built around design, price, celebrities, and culture, but never intelligence. Our mission is to offer intelligent apparel at an affordable price. We believe that the world is moving towards functional and low maintenance apparel that can simplify our daily lives. Turms is committed to pioneering that revolution and habit formation in Indian consumers.”

Witnessing a significant growth, the apparel startup is looking to break even in the coming six to nine months. Turms has created a niche market for itself in the apparel segment, with its unique offering, which is further expected to accelerate its growth.

According to a report by Global Market Insights, called “Smart Clothing Market”, the smart clothing market share is set to exceed $4 billion by 2024, and shipments are set to grow at over 50% CAGR.

By Varun

Startups | Books | Ideas

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