Leading socks eCommerce startup Soxytoes recently announced that it has raised an undisclosed amount of investment from Gurugram-based angel investors network.
According to a company statement, the startup plans to use these funds for digital marketing, increasing their kiosk network, expanding into international markets and launching new product lines such as personalized and kids socks.
Speaking about this, Vidushi Kanoria, Co-Founder Soxytoes, said, “We are happy to have raised this seed funding from some of India’s leading angel investors. While innovation has in some way or the other tweaked our clothes and accessories, socks have remained neglected. Soxytoes addressed this space and our ‘noticeable’ socks are transformational, and an orbit-shifting innovation. We have a cutting-edge product line that is customized according to each use case. We have been able to disrupt a previously sober and boring category and the funding will help us expand our brand presence. We also aim to launch a new product line, among other things.”
Founded in 2018 by Vidushi Kanoria and Aayush Goenka, Soxytoes is an omnichannel brand that sells noticeable socks, performance-enhancing athletic socks, health socks for diabetics, no shows, and socks especially engineered for travel. Its range of products are claimed to be pure cotton-based, infused with the goodness of natural essential oils, with the help of microencapsulation technology. Besides fragrances like lime, green apple, and fragrant sandalwood it also offers infusions of cooling and energizing mint oils and aloe vera to help soften and moisturize the feet.
Sorabh Agarwal, an angel Investor, and ex-SMD, Copal Amba (acquired by Moody’s Analytics), said, “Soxytoes has a disruptive product line and addresses an area which is largely neglected. From youngsters to people with ailments such as diabetes, a very simple thing like a pair of socks can have a lasting impact. This idea resonated with us and we are happy to support the brand in their expansion.”
Since inception, Soxytoes claims to have sold over one lakh pairs across various online and offline channels including through its own website. Other channels include eCommerce marketplaces like Myntra and Amazon, apart from kiosks in leading malls and pop-ups at events such as Lil flea and Comic Con India.
Commenting on the recent fund infusion, Hemant Dua, Angel Investor, and former CEO Delhi Daredevils said, “We are happy to offer seed funding to Soxytoes for further expansion. With a never-before offering, it is a brand that adds tremendous value to the space they are in. We look forward to their continued growth.”
Sandeep is a journalism and mass communication graduate with a keen interest in politics and business. He is a part of Research & Content team at HrNxt.com.