Rapawalk raises $3,00,000 in Seed Round from Inflection Point Ventures
Rapawalk, Bangalore based online footwear brand that offers a personalized service to its customers has raised $3,00,000 in seed round led by Inflection Point Ventures
The funds will be used towards scaling up their business, it also plans to continue expanding their online business for the coming 12-15 months and also offer an omnichannel shopping experience to its customers.
Vinay Bansal, Founder & CEO, IPV says,'' We believe in the growth story of customized footwear in India, especially with our insight that every customer’s foot is different, and standard shoe sizes are not enough for the discerning customer. Rapawalk being in the D2C segment, offers a great personalized footwear design and shopping experience while managing the entire customer journey. Their light inventory business model and continued growth path on online platforms stands Rapawalk in good stead to reach further heights.”
Kashif Mohammad, Co-founder & CEO, Rapawalk says, “Personalization is the future of Fashion. We want to give ultimate power to every customer to create their own footwear, thereby giving them immersive shopping experience. Footwear shopping always had inherent challenge related to fitting, we at Rapawalk are driven by the vision to make footwear for all foot shape and sizes.”
He adds, “Since our launch we have seen much stronger demand for personalized footwear. We are committed to our vision of bringing product and sizing innovation and become the top footwear brand in country. We are delighted to partner with IPV towards building Rapawalk, we believe, we will benefit massively from IPV's strong ecosystem of leaders.”
The bespoke service, Rapawalk was born to change the status quo, their made-to-fit products and inventory light business model ensure a personalized experience for customers. Since its inception in 2018, Company has recorded a 15X growth in sales volume in the last Financial year, with a 40% cumulative monthly growth rate.
Footwear in India is currently a $6 bn+ market growing at a fast 14.5% on a yearly basis. Branded footwear is only 45% of the market and is outpacing the unbranded footwear at a 19% Y-o-Y growth. Online penetration of the footwear sales stands at a small 11%, but experiencing an accelerated growth of 27% Y-o-Y.
Rapawalk is a D2C footwear brand, launched in 2018 by Kashif Mohammad & Aravind Maddireddy, came into existence after a deep industry knowledge and experience with working with major Global brands. The fashion space in the western world is undergoing an unprecedented change due to the digital revolution and changing consumer preference. During our initial phase of research, Rapawalk Founders got inspired by few of the digitally enabled brands in the US market. Clubbing their deep know-how of product manufacturing with the technology led revolution, they wanted to create a brand which is born in India and has a true global spirit. From the consumer perspective, they realized that footwear shopping experience is often a boring experience where innovation is lacking and customers have to compromise with the existing SKU and fit offered by the available brand. Rapawalk was born to change the status quo.