Footwear Brand Inc.5 Shoes Raises $10 Million in Series A Funding
Three points you will get to know in this article:
• The direct-to-consumer (D2C) market in India is rapidly growing, with the fashion and clothing segment expected to reach $43.2 billion by 2025.
• Inc.5 Shoes plans to expand its presence in urban areas and target Tier 2 and select Tier 3 cities.
• Mumbai-based footwear brand Inc.5 Shoes raises $10 million in Series A funding led by Carpediem Capital.
Inc.5 Shoes, a Mumbai-based footwear brand that seamlessly blends online and offline experiences, has successfully secured $10 million in its Series A funding round. The funding was spearheaded by Carpediem Capital and saw enthusiastic participation from Param Capital, a distinguished player in the public market, along with P3 Venture Fund, affiliated with the esteemed Sureka Family Office.
Since its inception in 1998, Inc.5 Shoes has been making strides under the leadership of Abdulrasool Virji as Chairman, Amin Virji as Managing Director, and with the guidance of Directors Almas Nanda and Rozmin Virji. The brand, known for its trendy and comfortable footwear, caters to the vibrant demographic aged 16 to 35.
Bringing the latest styles to its customers, Inc.5 Shoes operates through a dynamic Direct-to-Consumer (D2C) model. The brand’s footprint extends across the nation with a presence in 70 brick-and-mortar stores and over 200 shop-in-shop locations. This not only ensures accessibility but also creates a personalized shopping experience for its customers.
The recent injection of $10 million in funding is set to further elevate Inc.5 Shoes in the competitive market, empowering the brand to innovate and expand its offerings. With a commitment to quality and a finger on the pulse of fashion, Inc.5 Shoes continues to leave an indelible mark on the footwear industry. In heralding its inaugural fundraising endeavor, the omnichannel Direct-to-Consumer (D2C) brand is poised to triple its current footprint, fortifying its presence in urban landscapes with a strategic focus on Tier 2 and select Tier 3 cities. The infusion of capital will not only fuel an augmentation of its online visibility but will also be allocated to fortify its senior leadership, bolster backend capabilities, including the refinement of inventory management technology, and the expansion of product categories.
Virji, expressing optimism, remarked, “As we celebrate our 25th year, our ambition extends to surpassing the milestone of our first 100 stores. We recognize that this gratifying journey of achievements and expansion is merely in its nascent stages.”
In a joint statement, Abhishek Sharman, the founder of Carpediem Capital, and Saranya Agrawal of Param Capital conveyed their congratulations to the founders and management team for crafting a prominent domestic footwear brand. They applauded Inc.5’s commitment to offering quality and affordable footwear tailored for the evolving demographic of Indian women, especially considering their increasing participation in the workforce. The investors expressed eagerness in being integral to the forthcoming chapter of Inc.5’s growth saga.
The D2C Dominance
In recent years, the Direct-to-Consumer (D2C) landscape in India has witnessed remarkable growth, poised to soar to an impressive $100 billion by 2025. This surge owes its momentum to a blend of factors, including the transformative influence of the Covid-19 pandemic, heightened internet accessibility, the evolution of digital infrastructure, and the burgeoning population of millennials in the nation, among other catalysts.
India proudly hosts an astonishing 190 million digital shoppers, securing its position as the globe’s third-largest online shopping arena. Within this dynamic environment, D2C brands are eagerly eyeing opportunities to integrate into this flourishing ecosystem, capitalizing on the escalating consumer hunger for innovation and a discernible shift away from conventional players. Anticipated to reach $43.2 billion by 2025, the fashion and clothing sector is poised for significant growth.
In recent news, Solethreads, the laid-back footwear label, successfully secured $3.7 million in a Series A funding round spearheaded by Fireside Ventures. The funding effort also saw participation from established backers such as DSG Consumer Partners and Saama Capital.In a parallel development, youth-oriented fashion startup Styched completed the acquisition of Flatheads, a casual sneaker startup that garnered attention through its appearance on Shark Tank India. Notably, Flatheads had previously raised funds from notable figures, including television anchor and cricket presenter Gaurav Kapur, in the preceding year.
Mumbai-based footwear brand Inc.5 Shoes has raised $10 million in Series A funding, signaling its plans to expand its presence in urban areas and target Tier 2 and select Tier 3 cities. The growing direct-to-consumer (D2C) market in India, fueled by factors such as the Covid-19 pandemic, increased internet access, and a rising millennial population, presents significant opportunities for brands like Inc.5. With the fashion and clothing segment expected to reach $43.2 billion by 2025, the funds raised will help Inc.5 enhance its online presence, strengthen leadership, and expand its product categories, taking advantage of the evolving consumer preferences in the market.
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