French Crown, a fast-fashion brand based in Gujarat, has successfully secured INR 8.6 crore in funding through multiple rounds from Velocity, a finan
French Crown, a fast-fashion brand based in Gujarat, has successfully secured INR 8.6 crore in funding through multiple rounds from Velocity, a financial technology firm, as stated in a press release. This funding infusion is earmarked for bolstering French Crown’s expansion into international markets.
The attainment of a valuation of INR 100 crore as a bootstrapped brand through its strategic collaboration with Velocity signifies a noteworthy milestone for French Crown in a fiercely competitive market. Ilesh Ghevariya, CEO of French Crown, expressed, “With Velocity’s strategic partnership, we have achieved a significant milestone by becoming an INR 100 crore bootstrapped brand, demonstrating our ability to grow in a highly competitive market.”
The funding from Velocity has empowered French Crown to invest in strategic marketing endeavors, resulting in enhanced brand visibility on a global scale. Ghevariya added, “This partnership has enabled us to invest in strategic marketing initiatives, resulting in increased brand visibility across the globe.”
Founded by the Ghevariya brothers in 2016, French Crown is a direct-to-consumer (D2C) fast-fashion brand that has already established its presence in over 90 countries. The company takes pride in launching more than 200 new designs each week, maintaining a competitive edge, and cultivating a loyal customer base. Dhavdip Ghevariya, co-founder of French Crown, explained, “Our ability to launch over 200 designs every week allows us to stay ahead of the competition and maintain a loyal customer base. Our commitment to offering something new has solidified our position as a leader in the industry while debunking the notion that fast fashion compromises quality or value.”
With a remarkable customer retention rate of 50%, surpassing the industry average of 28.2%, French Crown has demonstrated its capability to build enduring relationships with its customers.
Velocity, headquartered in Bengaluru, specializes in providing revenue-based financing services to fuel the growth of D2C e-commerce businesses. Since its establishment in 2020, the company has supported over 3,500 companies.
Atul Khichariya, co-founder of Velocity, expressed his excitement about French Crown’s growth and the role played by Velocity in facilitating its success. “I am thrilled that Velocity, as a growth partner, has been instrumental in fueling the remarkable success of French Crown. By incorporating eco-friendly materials, adopting ethical manufacturing practices, and prioritizing transparency in the supply chain, French Crown has emerged as an influential force in conscious fashion,” stated Khichariya.
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