Inc.5 Shoes Raises $10 Million in Series-A Funding With the raised capital, the brand aims to scale its presence threefold, solidify its presence in urban areas and target tier-2 and select tier-3 cities.
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Inc.5 Shoes, a 1998-established footwear brand, has raised USD 10 million in Series A funding. The funding was led by Carpediem Capital and saw participation from Param Capital and P3 Venture Fund (Sureka Family Office).
This is the first institutional funding for the company.
With the raised capital, the brand aims to scale its presence threefold, solidify its presence in urban areas and target tier-2 and select tier-3 cities.
Inc.5 Shoes further looks to utilise the funds for store expansion, ramping up online presence, strengthening senior leadership, and creating backend capacities, specifically inventory management technology and expanding categories.
"As we celebrate 25 years at Inc.5, we are particularly excited as this year gives us more than one reason to celebrate. We have recently raised our first institutional round with Carpediem Capital partnering with us in our growth journey. We are extremely excited to have them as our long-term partners who will add immense long-term value in our growth journey. 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," shares Amin Virji, Managing Director, Inc.5 Shoes.
The Mumbai-origin brand presently has over 70 Exclusive Brand Outlets and 200+ shop-in-shops, across the country.
"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," said Abhishek Sharman (Founder of Carpediem Capital) and Saranya Agrawal (Param Capital) in a joint statement.
Inc.5 Shoes is Carpediem Capital's third investment from CCP Fund II. The funding round saw Dexter Capital Advisors as the exclusive financial advisor and ICUL & Antares as the legal advisors to Inc.5 and Carpediem, respectively.