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Men’s Clothing Brand Chromozome Raises Funds To Expand Product Categories

Men’s Clothing Brand Chromozome Raises Funds To Expand Product Categories

Chromozome competes against men’s innerwear brands — Page Industries, Dollar Industries, Lux Industries and Rupa & Co.

Post the fundraise, Chromozome's parent company Huechem will focus on the extension of product categories, building new channels and expansion into new geographies

The funding round was led by Delhi NCR-based TIW Private Equity — an SME-focused, sector-agnostic buyout private equity fund

TIW India Buyout Fund (TIW Private Equity) has invested around INR 30 Cr in Huechem Textiles Private Limited (HTPL) by taking a significant stake in the company. Founded by Vipan Mehra and Vineet Mehra in 2001, the company manufactures, distributes, and markets Men’s everyday wear products under the brand “Chromozome”.

It sells its products both through offline stores and online marketplaces.

With the funding from TIW, Huechem’s growth focus will be through line extension in product categories, building new channels and expansion into new geographies, said Vineet Mehra, Director, Huechem.

Stressing on the growth potential in the online space, Mohit Ralhan, managing partner and chief investment officer of TIW Capital Group said, “We are very excited to partner with Huechem in its journey towards a steady macro with growth potential in the online space. The industry is expected to grow in double digits with online channels leading new adoption, which is the platform that the company intends to focus on”.

The company is focused on mid-level and premium segments of the industry which account for about 46% of the men’s innerwear market, said the statement. Chromozome competes against the likes of Page Industries, Dollar Industries, Lux Industries and Rupa & Co.

A joint statement from the companies said that TIW India Buyout Fund’s track record of investing in ‘FRICT’ businesses and supporting them on their growth journey, will help Huechem to scale further.

FRICT approach is a way of measuring the results of the financial structure of a firm. It is the acronym of the factors considered in the approach – flexibility, risk, income, control, timing.

New Delhi-based TIW Private Equity is an SME-focused, sector-agnostic buyout private equity fund. In February this year, Mahesh Bhupathi’s D2C beauty and wellness brand Scentials raised close to $6 Mn funding from TIW Private Equity (TIW PE).

Credence Family Office Pvt Ltd was the advisor for the deal. 

Growing Apparel & Fashion Players, Courtesy D2C Boom

The apparel sector has witnessed an increase in fund flow, more so with sector players turning to the D2C space. In July, Surat-based men’s apparel brand XYXX raised INR 30 Cr as a part of its Series A funding from DSG Consumer Partners and Synergy Capital Partners along with participation from existing investor Sauce.vc.

Mumbai-based D2C fashion brand Bewakoof, which specialises in self-expressive merchandise in August raised INR 60 Cr in its Pre-Series B round led by existing investor InvestCorp.

The fashion D2C segment is also attracting significant investor interest. As of April 2021, the segment raised the highest funding of $756 Mn among all D2C segments in India, and the boom has brought in hundreds of brands to the market.

Other brands in the fashion D2C space include StyleCracker, Chumbak, Azani, Anouk, Fable Street, The Souled Store, Wrogn, FabAlley, Zivame, Clovia, DaMENSCH, XYXX, Pretty Secrets, Almo Man, Bombay Shirt Company, Andamen among others.

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