Apparel brand Turms said that it has raised an additional Rs 2 crore angel round led by Myntra co-founder Raveen Sastry, ex-Google executive Sree Unnikrishnan, FarEye co-founder Gautam Kumar, Premji Invest Partners Rahul Garg and Atul Gupta, and ex Flipkart's Sanjay Ramakrishnan.
Turms will use these funds to invest in its brand, scale its product and technology team, launch experience centers, optimise supply chain and further invest in research and development.
“Our steady 10-15% monthly growth rate, with a high repeats gives us the conviction that consumers are resonating with our technology and products. For reaching the next 100 million shoppers, we plan to launch experience centers and be on the top marketplaces. As we grow, we will continue to innovate, expand categories and offer the convenience driven shopper intelligent, functional and low maintenance apparel at an affordable price,” said Rameswar Misra, CEO and co-founder Turms.
Turms is currently at a Rs 24 crore run rate. Founded in December 2016, Turms offers intelligent and low maintenance apparel with special properties like anti-stain, anti-odor, cooling and moisture management by applying its proprietary nanotechnology during the production process. Turms apparel are low maintenance does not need to be washed as frequently as normal clothing and requires less water and detergent. The company's current portfolio includes jeans, t-shirts, shirts and chinos for men and t-shirts, jeans and leggings for women.
“I am very excited to see the fast pace of growth and innovation that the Turms team has demonstrated over the last one year. With the launch of offline experience centers and marketplace presence I am confident that the Turms brand will be welcomed and loved by wider audience,” said Raveen Sastry on his investment decision.
“Turms is a technology first apparel company addressing a large unmet gap in the market. It's use case transcends beyond fashionable wear – which multiples the market opportunity several fold. Gen Z is incrementally focused on consuming minimalistic yet meaningful apparel and Turms fits right in. Turms is creating a new category where the world of apparel will move.,” added Haresh Balani of PremjiInvest.
Turms is founded by former Voonik top executive Rameswar Misra & nano-technologist Rohit Gupta along with people having experience in ecommerce, apparel and nanotechnology. The co-founders are Vineesh Chadha: former COO, Color Plus & Brand Head Louis Philippe & Allen Solly, Alok Sharma: 10+ years of experience in McAfee, Solidcore, and Quikr, Subhraneel Saikia: M.Tech in Nanotechnology, Sandeep Kataria: former VP-Marketing at Voonik and Anil Dhondalay: 10 years of experience in apparel manufacturing & design.
