Pune Inc: With debt financing of Rs 100 crore, clothing company plans expansion spree
In 2011, a company founded by three friends branched out into manufacturing corporate uniforms, a largely unorganized industry at the time. Today, Pune-based I-Attire is valued at Rs 55 crore and manufactures custom shirts, industrial uniforms, promotional bags and t-shirts and corporate items, in addition to corporate uniforms , for companies that include Fortune 500 names.
I-Attire has now raised debt financing of Rs 100 crore – split into four quarters of Rs 30 crore each, the first round of which took place in January – and launched an aggressive wave of expansion. In June, a factory in Kesnand, near Wagholi, will be fully automated to increase production.
“We intend to split the business so that 60% is in the core business of corporate uniforms and 40% is for retail, where we want to start working for a We have already launched this latest project by exporting to overseas customers and participating in international fairs,” says Ashish Sahay, one of the founders.
The company has been associated with Mafatlal Industries since 2014 and is now also working on reviving a major Mumbai-based textile brand across India.
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However, in the same factory space will be the offices of FluffyDates, a platform where pets can find the right partner and services ranging from child care and food to vets and ambulances.
“As a company, we believed in diversification. There is a bandwidth of Rs 5 trillion that we can expect from India in the next five years in the pet care sector. FluffyDates will be a full-fledged business whose core business is that many people have pets as the concept of the nuclear family has become entrenched in society and lifestyles have changed. Many young people move to different cities, live alone and keep pets. There is a whopping 60% gap in this market right now,” says Sahay, adding that he intends to put FluffyDates in the spotlight by the end of 2022.
While FluffyDates will focus on an app that will be a mating site for pets and offer services like ambulance and boarding, I-Attire will still focus on the apparel business, because ” companies are becoming more and more brand conscious”. During the pandemic, however, they had also started making PPE and face masks to distribute for free to hospitals and traffic cops, among others. Eventually, they placed an order for Rs 22 crore from an airline to manufacture PPE for passengers and crew in the middle seat.
“The uniform business was doing very well from the start of manufacturing until the year the pandemic entered the world in 2020. In 2021 it resumed and in 2022 the scale of the business doubled because everyone got back to work. . We had purchased land for the factory in 2021 but, despite the delay in setting it up, this year will see further growth thanks to the fully automated machine setup,” adds Sahay.