Legacy footwear brand Inc.5 Shoes raised its maiden venture funding of $10 million (about Rs 83 crore) in a round led by Mumbai-based venture firm Carpediem Capital, with participation from Param Capital and P3 Venture Fund, according to ETtech report.
The Mumbai-headquartered firm, which sells footwear across gender and price categories, operates 74 stores of its own, besides selling products in another 200 stores and through online channels.
The omnichannel retailer plans to use the funds raised to expand its store and warehousing footprint, expanding into new categories and strengthening its senior leadership. It intends to operate 100 stores by March 2024, and then add 40-50 stores on a yearly basis, Virji told ET. The company also is looking to expand its warehousing capacity by more than 25,000 square feet, among other things, he said.
Owned by the Mumbai-based Virji family, the firm was established in 1998 and runs brands such as women’s footwear-focused Inc.5, premium men’s footwear brand Atesber, and mid-range men’s shoes brand Privo.
The family owned 95.6% of the firm prior to the investment, according to Tracxn, with Amin Virji holding the largest share of 46.9%. The family also holds four board seats, with Amin’s father Abdul Virji as the chairman. Carpediem Capital will hold two board seats after the investment, Amin Virji said.
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