Online cotton clothing manufacturing firm, Northmist has obtained another investment of INR 1 crore from a cluster of angel investors, according to a media report.
The funds were raised from Birju Gala, chief executive of Zibo Paper Tech; Somendra Biswal, head of corporate affairs at Shahi Export; and two other individuals working with US companies, Co-founder and CEO of Northmist, Arijit Mazumdar told the daily news, VC Circle.
The fresh capital will be used for hiring, brand-building and expanding the firms product line, Mazumdar added.
Northmist was initiated by Smrity Gupta and Arijit Mazumdar in July 2018. The company manufactures and sells menswear clothing online. It performs the entire manufacturing and distribution process on its own, from collecting cotton seeds to growing seeds in a good environment to selling and distributing them in recycled paper bags. In addition, it does not employ any colour additive in its products.
The company is exploring options for different sustainable fabrics like banana fabric, bamboo fabric and recycled fabric, Mazumdar told the daily news.
In the previous year, the cotton manufacturing and selling platform, Northmist had received an undisclosed sum of investment from the angel investor, Prashant Jaiswal.
Before establishing Northmist, Mazumdar had worked with AI firm, Artifacia as Head of Business Development. He was an alumnus of the Veer Surendra Sai University of Technology.