D2C Fashion Brand Rare Rabbit Secures Rs 500 Crore Funding with Manyavar Family Office

Rare Rabbit is a fashion brand founded in 2015 as part of The House of Rare by Mr. Manish Poddar and Mrs. Akshika Poddar. The brand celebrates the modern, individualistic side of men, showcasing India’s rich cultural heritage and craftsmanship through its meticulously crafted products. Rare Rabbit is known for blending classic aesthetics with contemporary design, creating timeless yet relevant fashion pieces. The brand takes pride in its commitment to authenticity, transparency, and supporting local artisans, fostering economic growth within Indian communities. Rare Rabbit has established a loyal following among creative individuals, stylish celebrities, and royalty, solidifying its position as a unique and respected fashion label.

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Rare Rabbit, a contemporary men’s fashion and apparel brand, is nearing the completion of its inaugural institutional funding round, raising Rs 500 crore. As reported by ET, A91 Partners is spearheading this round, with additional investments from Ravi Modi’s family office, the founder of Vedant Fashions (the parent company of Manyavar), and Nikhil Kamath, co-founder of Zerodha.

According to the report, A91 Partners will contribute Rs 350 crore in this round, with the remaining Rs 150 crore being jointly invested by Ravi Modi’s family office and Nikhil Kamath. The deal comprises roughly Rs 250 crore in primary capital for Rare Rabbit, while the other Rs 250 crore will be acquired through a secondary share sale by the brand’s founders, Akshika and Manish Poddar.

Valued at approximately Rs 2,200 crore, Rare Rabbit has emerged as a leading direct-to-consumer (D2C) fashion brand. This startup, which has remained bootstrapped so far, showcased remarkable financial performance in fiscal year 2024. The company achieved over Rs 600 crore in revenue and an operating profit surpassing Rs 100 crore, marking a more than 60% increase compared to the Rs 376 crore in operating revenue from fiscal year 2023. Additionally, Rare Rabbit posted a net profit of Rs 32 crore for fiscal year 2023. Rare Rabbit, currently operates approximately 135 brick-and-mortar stores.

Following its recent funding, the company aims to significantly expand its retail presence. Its stores are located in major metropolitan areas such as Delhi, Bengaluru, Mumbai, Hyderabad, and Chennai, as well as in tier-II and tier-III cities including Ahmedabad, Bhopal, Dehradun, Ranchi, Guwahati, and Vijayawada. This new investment will enable Rare Rabbit to broaden its offline footprint and sustain its growth in the premium men’s fashion market.

Rare Rabbit, a leading direct-to-consumer fashion brand, has secured ₹500 crore in its inaugural institutional funding round led by A91 Partners, with additional investments from Ravi Modi’s family office and Nikhil Kamath. The company has demonstrated strong financial performance, achieving over ₹600 crore in revenue and ₹100 crore in operating profit for fiscal year 2024. With this new funding, Rare Rabbit plans to significantly expand its retail presence, currently operating 135 stores across major metropolitan and tier-II/III cities, to sustain its growth in the premium men’s fashion market.