BlissClub, the Bengaluru-based direct-to-consumer athleisure brand, has raised ₹160 crore (roughly $16.8 million) in a Series B round led by Singularity AMC, with founder Minu Margeret and Meesho founder Vidit Aatrey participating as individual investors alongside returning backers Elevation Capital and Eight Roads Ventures.
The company has not disclosed the valuation, the equity diluted, or how the ₹160 crore splits between Singularity AMC and the other participants, framing the use of funds instead around expansion into new categories, a larger offline retail footprint, product development and hiring.
It is BlissClub’s largest round to date and the first time a new institutional investor has entered its cap table since 2022, with both existing backers choosing to return rather than exit. The company’s last raise was a $15 million Series A in May 2022 led by Eight Roads Ventures with Elevation Capital participating, which followed a $2.25 million seed round in May 2021.
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Founded in 2020 by Margeret, BlissClub began with technical activewear built specifically for Indian women and has since grown into an omnichannel operation spanning its own website, online marketplaces and more than 40 physical stores, adding a menswear line in recent months.
The round lands on the back of a financial year that strengthens BlissClub’s case for the retail bet it is now making. Operating revenue in FY25 grew 51 percent to ₹131.5 crore from ₹87 crore in FY24, and the company has said it more than halved its losses over the same period on lower employee costs, though it has not disclosed the absolute loss figure.
Revenue climbing while losses narrow is typically the strongest signal a D2C brand can offer that its unit economics are improving rather than being propped up by spend, and it is likely the number that persuaded Singularity AMC and the returning investors to back a larger, capital-heavier phase of the business.
That phase now shifts the brand’s biggest test from digital acquisition to physical retail economics. BlissClub built its identity online, competing in a category — activewear — where fabric and cut are easy to copy and where Nike, Adidas and Puma sit above it on distribution while a widening field of domestic labels compete below on price.
Forty stores scaling on ₹160 crore is a materially different cost structure from the e-commerce model that produced the FY25 numbers. With FY26 accounts still unfiled, whether owned retail deepens BlissClub’s margins or erodes the progress it just reported remains the open question the round is meant to answer.
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