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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.

Competing with local and foreign brands such as Heelium, Chkokko, Jockey and Decathlon, the Bengaluru-based brand aims to close FY26 with a top line of INR 40 Cr.

The fundraise comes amid growing adoption of athleisure wear in the country. The rise of the space has primarily been attributed to a convergence of factors such as the need for versatile clothing in a post-pandemic hybrid work environment, the influence of social media celebrities and rapidly shifting consumer preferences.

As a result, a slew of new-age brands have emerged in the apparel space to offer high quality clothing options to cater to different kinds of demand. While labels such as Decathlon and Jockey have been dominating the sportswear space for decades, newer brands are carving a niche by focussing on versatility, comfort and pricing.

At the heart of all this is India’s growing athleisure market, which is reportedly projected to become a $27 Bn opportunity by 2033. On the back of this, investors are actively backing D2C performance wear brands to deepen their investments in the category.

Just last month, Inc42 reported that cricketer Virat Kohli was doubling down on sportswear startup Agilitas with an additional investment of INR 40 Cr. In March last year, D2C menswear brand XYXX, which also sells athleisure wear, sought the approval of its shareholders to raise INR 29.8 Cr in a round led by Niveshaay Sambhav Fund.

The post Cava Bags INR 40 Cr To Make Athleisure Wear For Women appeared first on Inc42 Media.