Exclusive: D2C Brand Aramya Parent Raises Rs 80 Cr Led by Z47 and Accel
•February 9, 2026
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Companies Mentioned
Why It Matters
The investment signals strong VC confidence in heritage‑focused D2C fashion, highlighting scalable growth potential in India’s online apparel market.
Key Takeaways
- •Series A raises Rs 80 crore for Aramya's expansion
- •Post‑money valuation reaches roughly Rs 1,438 crore
- •Revenue jumps 13× to Rs 41 crore FY25
- •Z47 and Accel each own 20.77% stake
- •Funds target working capital, balance sheet, growth initiatives
Pulse Analysis
India’s direct‑to‑consumer (D2C) fashion segment has accelerated as consumers gravitate toward online shopping and culturally resonant designs. Aramya, the ethnic‑wear label under DSLR Technologies, leverages traditional block prints, bandhani, and ajrakh on premium cotton and linen‑cotton fabrics, carving a niche among urban women seeking authentic yet contemporary apparel. The fresh Rs 80 crore Series A, co‑led by Z47 and Accel, underscores the appetite of venture capital for brands that blend heritage craftsmanship with scalable e‑commerce models. This capital infusion positions Aramya to deepen its product range and broaden geographic reach. The funding also validates the brand’s digital‑first strategy. The financial snapshot reveals a striking 13‑fold revenue surge, climbing from Rs 3 crore in FY24 to Rs 41 crore in FY25, while the loss margin widened modestly to Rs 10.7 crore. Such growth, achieved within a single fiscal year, propelled the post‑money valuation to roughly Rs 1,438 crore, granting Z47 and Accel each a 20.77 % equity stake. The investors’ continued backing—spanning seed, pre‑Series A, and now Series A—signals confidence in Aramya’s unit economics and its ability to convert brand loyalty into sustainable profitability. The capital structure now includes convertible preference shares, aligning investor and founder interests. With the new capital, DSLR Technologies plans to reinforce working capital, strengthen its balance sheet, and fund expansion initiatives such as inventory scaling, technology upgrades, and regional logistics hubs. These moves aim to reduce lead times, improve margin control, and support a broader omnichannel presence. As competition intensifies among D2C apparel players, Aramya’s emphasis on handcrafted techniques and premium fabrics could serve as a defensible moat, provided it balances rapid growth with disciplined cost management. Successful execution may set a benchmark for Indian heritage‑focused D2C brands seeking global relevance. If execution succeeds, Aramya could attract further cross‑border partnerships.
Exclusive: D2C brand Aramya parent raises Rs 80 Cr led by Z47 and Accel
DSLR Technologies, which operates an ethnic wear brand Aramya, has raised Rs 80 crore (around $9 million) in its Series A round from existing investors Z47 (Matrix Partners) and Accel India.
The board of DSLR Technologies has passed a special resolution to allot 10,928 Series A compulsorily convertible preference shares at an issue price of Rs 73,207 each to raise the said amount, according to regulatory filings accessed by Entrackr from the Registrar of Companies (RoC).
Z47 (formerly Matrix Partners India) and Accel India have invested Rs 40 crore each in the round. As per the filings, the company plans to utilise the fresh capital for business expansion, meeting working capital requirements, strengthening its balance sheet, and providing flexibility to support future growth initiatives.
Founded by Ankush Goyal, DSLR Technologies operates a direct-to-consumer (D2C) ethnic wear brand, Aramya. The brand focuses on women’s ethnic apparel, blending traditional handcrafted techniques such as block prints, bandhani, and ajrakh with premium fabrics, including pure cotton and linen-cotton.
Following the latest investment, both Z47 and Accel India will hold a 20.77% stake each in the firm. According to Entrackr’s estimates, DSLR Tech is valued at around Rs 1,438 crore ($161 million) post-allotment.
Z47 and Accel India have been early backers of Aramya and its parent, representing their third investment in the startup. The duo co-led Aramya’s $7 million seed round and later invested $2.24 million in a pre-Series A round in December 2024.
Aramya’s parent has scaled rapidly since inception, as reflected in its financials. The company’s operating revenue grew over 13X to Rs 41 crore in the fiscal year ended March 2025 from Rs 3 crore in FY24. During the same period, its losses rose marginally to Rs 10.7 crore.
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