Plaeto Raises INR40 Crores in Series A Funding Round Led by Florintree Advisors
The brand aims to impact at least 30 per cent of the 300 million children in India through their product and programs
D2C footwear brand for children, Plaeto on Monday announced to have raised INR40 crores in Series A round of funding. The round was led by Florintree Advisors, a Mumbai based financial institution and other marquee investors in the D2C space.
"As a technology driven D2C footwear brand, we have always focused on science-based shoes and innovation that meets the Indian requirement. While innovations have happened across the board including footwear, children's footwear, as a category, has remained untouched - without any consumer-centric design or performance built into it. As a brand we have invested in the right technology and our design and engineering teams in India, US and Italy have developed a host of proprietary design elements that address the needs of Indian children," said Ravi Kallayil, CEO and co-Founder, Plaeto.
"I'm excited and pleased to be on this journey with Plaeto. With the team's deep knowledge and understanding and ability to innovate and introduce category leading products, Plaeto is well poised to bring a revolution in the children's footwear market. We wish them luck and hope that they will continue to delight their customers and disrupt the space not just in India but globally", said Mathew Cyriac, founder, Florintree Advisors.
Bangalore-based start-up, Plaeto was born with a purpose to design and deliver world-class shoes for Indian kids that care for their feet and help them grow strong, active and healthy. Founded in 2020 by Ravi Kallayil, Sara Kilgore and Pavan Kareti, Plaeto is a result of extensive R&D coupled with decades of cumulative knowledge and experience of the three founders in the footwear industry. As one of the first companies to drive sustainability to the masses in the global footwear industry, Plaeto shoes have a 50 per cent lower carbon footprint as compared to the average athletic shoe.
"As brand ambassador and mentor of Plaeto, I'm happy to be a part of a mission that aims at providing Indian children with world-class shoes at an accessible price. By bringing foot health and wellbeing to the mainstream discourse, Plaeto shines light on the importance of "Play" in children's lives", said Rahul Dravid, strategic advisor, Plaeto.
The idea of Plaeto was first conceptualized way back in 2011 when Ravi received an unforgettable, handwritten letter from a 10-year-old boy requesting a discount on a Nike shoe. After nearly a decade of pursuit, the alumnus of the Wharton School of the University of Pennsylvania and the Indian Institute of Management, Bangalore realized that the only way to make it happen was to do it himself. In 2020, amidst the growing pandemic uncertainty, Ravi decided to give up his job with Nike Innovation in Portland, US, and relocate to India to become an entrepreneur. The brand aims to impact at least 30 per cent of the 300 million children in India through their product and programs. In terms of global expansion, the plan has entered the UAE market, where there is already a large Indian population. The start-up has been angel funded by a group of investors, including Babu Sivadasan, Rajiv Madhavan and Kittu Kolluri.