Direct-to-consumer (D2C) fashion company RapidBox raised $4.5 million in a Series A funding round led by SIG Venture Capital, Tanglin Venture Partners, India Quotient and businessperson Ananya Goenka.
RapidBox will utilise the funds to enhance its customer experience and for brand building in addition to expand its product range.
Founded in 2019, the Bengaluru-based company focuses on footwear, sports and casual fashion categories. In April, last year, the company raised debt funding from Blacksoil.
“The latest round of investment reinforces investors’ faith in RapidBox’s growth story. As a young brand, we see a lot of room for growth as we cater to growing footwear and fashion needs of consumers who are aspirational and early achievers,” said Arun Paliwal, co-founder of RapidBox.
Advertisement
He added that the start-up was launched to close the market gap in the footwear industry with a focus on uplifting product quality and consumer experience. "With the continued support of our investors and consumers, we are looking forward to excelling with product and price innovation,” he stated.
Since its inception, the company has raised a total funding of $7.28 million. As of March 2022, it was valued at 20.7 million, Crunchbase data pointed out.
Amid the ongoing funding winter, D2C brands have been relatively successful in raising funds as compared to legacy brands. A Tracxn report pointed out that D2C entities in India have raised $543 million in this financial year higher than the previous year. Several start-ups including Yoho, Plaeto, Neeman’s Flatheads and Nirmalya bagged investments in recent times.
Just one email a week