D2C athleisure brand Cava Athleisure has raised INR 40 Cr ($4.4 Mn) in its Series A funding round at a post-money valuation of INR 215 Cr ($23.3 Mn). The round was led by Sharrp Ventures, the family office of FMCG giant Marico’s chairman Harsh Mariwala, which invested INR 21 Cr in the startup. V3 Ventures and existing backer Spring Marketing Capital infused the remaining capital. The startup plans to utilise the fresh funds to develop new products and hire top-level executives. A chunk of the capital will also be deployed for marketing and expanding omnichannel distribution. “… The response from our customers has reinforced our belief in this category. Partnering with Sharrp Ventures gives us a long-term partner with deep consumer expertise as we scale responsibly,” said cofounders Ria Mittal and Shreya Mittal in a joint statement. Founded in 2022 by siblings Ria and Shreya, Cava Athleisure is a women-focussed athleisure brand that sells apparels such as jackets, leggings, sports bras, and more. Targeting Gen Z and Millennial consumers, the D2C brand claims to be clocking a monthly revenue run rate of INR 5.5 Cr. The Bengaluru-based startup competes with local and foreign brands such as Heelium, Chkokko, Jockey and… Read MoreInc42 Media
