Mumbai-based omnichannel footwear brand Inc.5 Shoes has raised $10 Mn in its Series A funding round led by Carpediem Capital, with participation from Param Capital, a public market investor, and P3 Venture Fund (affiliated with the Sureka Family Office).
Launched in 1998, Inc.5 Shoes is led by Abdulrasool Virji as Chairman, Amin Virji as Managing Director, and Almas Nanda and Rozmin Virji as Directors. Catering to individuals in the 16-35 age range, the D2C omnichannel footwear brand sells its products through 70 offline stores and more than 200 shop-in-shop locations across the country.
With its maiden fundraise, the omnichannel D2C brand plans to triple its existing presence and solidify its footprint in urban areas, specifically targeting Tier 2 and select Tier 3 cities. The funding will also be utilised to amplify its online presence, strengthen senior leadership, and build backend capacities, such as enhancing its inventory management technology and expanding product categories.
“During our 25th year, we also aim to cross our first 100-store mark and we know that this fulfilling journey of successes and growth has only begun,” said Virji.
Abhishek Sharman (founder of Carpediem Capital) and Saranya Agrawal (Param Capital), in a joint statement, said, “We would like to congratulate the founders and management team for building a prominent domestic footwear brand. Inc.5 retails quality and affordable footwear for Indian women, an evolving demographic, given their increasing participation in the workforce. We are excited to be a part of the next stage of Inc.5’s growth journey.”
Other players in the footwear segment include — Yoho, Solethreads, Flatheads, TAIGER Sportswear, FETCHING, and Zooode.
The D2C Dominance
The D2C market in India has experienced explosive growth in recent years and is projected to reach a significant $100 Bn by 2025. This expansion can be attributed to various factors, including the impact of the Covid-19 pandemic, increased internet access, the development of digital infrastructure, and the growing number of millennials in the country, among other drivers.
India boasts a staggering 190 Mn digital shoppers, making it the world’s third-largest online shopping market. D2C brands are eager to tap into this thriving ecosystem, taking advantage of the increasing consumer appetite for innovation and a declining loyalty towards traditional players.
Of this, the fashion and clothing segment expected to grow to $43.2 Bn by 2025, according to an Inc42 report.
Recently, casual footwear brand Solethreads secured $3.7 Mn in a Series A funding round led by Fireside Ventures, and existing investors DSG Consumer Partners and Saama Capital.
Meanwhile, youth fashion startup Styched acquired casual sneaker startup Flatheads, which gained prominence through its appearance on Shark Tank India. Last year, Flatheads raised funds from television anchor and cricket presenter Gaurav Kapur.
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