D2C denim fashion brand Freakins has successfully raised $4 million (approximately INR 33 crore) in seed led by Matrix Partners India and Blume Ventures. The funding round witnessed participation from more than 30 angel investors, including notable names such as Revant Bhate of Mosaic Wellness, Utkrishta Kumar of Meesho, and Asish Mohapatra of OfBusiness, along with several influencers.
Freakins plans to utilize the fresh capital to forge partnerships with factories specializing in denim, knits, and woven fabrics, thereby enhancing its supply chain capabilities. Additionally, the company aims to expand its omnichannel presence, strengthen operations through talent acquisition, and introduce new product lines using the funds.
Established in 2019 by Puneet Sehgal and Shaan Shah, in collaboration with Sachin Shah, Freakins initially operated as a women-focused denim brand. However, it ventured into the men’s category in February this year, positioning itself as a new-age, Gen-Z denim wear brand.
The company’s business model revolves around delivering fast fashion to the Indian market, offering a range of 100-150 new styles every month. By maintaining control over the entire value chain, from storefront to design and manufacturing, Freakins ensures exceptional quality control and quick turnaround times, enabling it to adapt to evolving consumer preferences.
Apart from its own website, Freakins sells its denim products through major online marketplaces like Amazon, Flipkart, and Myntra. The brand also has plans to venture into the offline retail space within the next year, although specific strategies are yet to be finalized.
Currently, Freakins boasts a diverse product portfolio of over 35 categories, encompassing more than 1,500 styles. In the financial year 2022-23, the company recorded gross revenues of INR 22-23 crore, and it aims to become a INR 100 crore brand by the end of 2024.
The Indian denim market is projected to reach INR 91,894 crore by 2028, presenting a significant opportunity for Freakins. The brand faces competition from both international giants such as Levi Strauss, Lee, Wrangler, and Diesel S.p.A, as well as domestic D2C brands like High Star (acquired by Mensa), Snitch, and Bewakoof in this fiercely competitive market segment.
