BlissClub, a Bengaluru-based women’s activewear brand, has raised INR 45 crore in its latest funding round, a Pre-Series B mix of equity and debt, led by existing investors Elevation Capital and Eight Roads Ventures, with Alteria Capital participating on the debt side.
The D2C startup, which has a focus on women-centric activewear and lifestyle products, concluded the transaction on 29 April 2025 through a board resolution authorising the issue of 16,076 compulsory convertible preference shares (CCPS) at a premium of INR 20,528 each, and 1,200 non-convertible debentures priced at INR 1,00,000 each.
Of the INR 45 crore raised, INR 33 crore was equity investment, with Elevation Capital investing INR 19 crore for 9,256 CCPS and Eight Roads Ventures investing INR 14 crore for 6,820 CCPS. The remaining INR 12 crore was debt from venture debt firm Alteria Capital.
Post allotment, Elevation Capital now holds 24.5% stake in the company, making it the largest external shareholder, while Eight Roads Ventures has 15.79% equity share. BlissClub’s valuation remains the same at approximately INR 570 crore — a flat valuation compared to its previous Series A round in 2022 when the company raised USD 15 Mn (approximately INR 115 crore) from the same two investors.
A Big Move Amid Restructuring
The fundraise comes just months after BlissClub laid off 18% of its workforce in January 2025, impacting around 21 people across sales, marketing, product and creative teams. At the time, sources said the company was struggling to raise fresh capital due to high burn as the reason for the retrenchment.
But the recent capital infusion seems to be a vote of confidence in the brand’s long term. According to the filings accessed via the Registrar of Companies (RoC), the funds will be used for working capital, capital expenditure and general corporate purposes.
Growth Amid Financial Strain
Despite the macroeconomic challenges and internal restructuring, BlissClub saw 27% growth in revenue for the year ending 31st March 2024 (FY24) at INR 87 crore, up from INR 68.3 crore in FY23. But the net loss widened to INR 44 crore in FY24 from INR 35.7 crore in FY23.
Interestingly, while some platforms like Tracxn have estimated FY24 revenue at INR 92 crore, the filings accessed through Tofler show it to be INR 87 crore. Whatever the number, the trend shows topline growth with increasing operational costs.
From Digital-First to Omnichannel Player
Launched in 2020 by Minu Margeret, BlissClub started as an online only activewear brand for women and has since become an omnichannel brand. The brand now has physical stores as well as sells on its own website and major e-commerce platforms like Myntra, Amazon and AJIO.
In a bid to diversify further, BlissClub recently entered the travel wear segment and continues to innovate within the women’s wellness and lifestyle category. Its emphasis on community engagement and women empowerment remains core to its branding and positioning.
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Looking Ahead
With nearly USD 26 Mn (about INR 216 crore) raised to date, including debt, BlissClub is well-capitalised to pursue its next phase of growth. The brand will likely focus on strengthening its omnichannel presence, expanding categories and operational efficiency to counter balance its growing losses.
As India’s lifestyle and activewear market is gaining momentum, BlissClub’s recent fundraise will help it to become a category defining brand in women’s D2C space. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.