BlissClub raises Rs 160 crore to scale offline retail

D2C athleisure brand BlissClub has raised Rs 160 crore, about $16.8 million, in a Series B round led by Singularity AMC. Founder Minu Margeret and her partner Vidit Aatrey also participated, alongside existing investors Elevation Capital and Eight Roads Ventures. The Bengaluru company last raised a $15 million Series A in May 2022, led by Eight Roads Ventures. Entrackr does not report a valuation for this round.

The financials behind the raise are the interesting part. BlissClub reported Rs 131.5 crore in operating revenue in FY25, up 51 percent from Rs 87 crore in FY24. Over the same period it reduced losses by more than half, aided by lower employee costs. That is growth and cost discipline inside the same twelve months, which is a harder combination than either one alone.

The capital goes to four things: expanding into new categories, scaling the offline retail presence on top of the 40 plus stores it already runs, strengthening product development, and hiring. BlissClub started with technical activewear for Indian women and has since become an omnichannel business, with a menswear line launched recently.

For an operator, note what actually got funded. Not topline alone. A year in which losses more than halved while revenue still grew 51 percent, with lower employee cost as the stated lever. If you are raising in this market, the cost line is now carrying as much of the pitch as the growth rate is.

The harder read is the plan itself. Offline expansion and category expansion are two different inventory problems being taken on at once. Online, one warehouse absorbs size and colour variance. Across 40 plus stores, every size curve has to be replicated locally, and menswear roughly doubles the SKU tree before a single new category is layered on top. A meaningful share of the Rs 160 crore will sit as stock on shelves rather than as marketing spend. Apparel brands that go offline usually find their working capital cycle lengthens before store revenue catches up. Model the cash gap first, then pick the store count.