Rare Rabbit bags funding from Gruhas, A91 and Ravi Modi's Family Office Indian D2C fashion retailer Rare Rabbit is reported to have received its first chunk of INR 150 Crore out of the INR 500 Crore investment round.
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Indian D2C fashion retailer Rare Rabbit is reported to have received its first chunk of INR 150 Crore out of the INR 500 Crore investment. The round was led by Nikhil Kamath's investment firm Gruhas, A91 Partners based in Mumbai, and Vedant Fashion Founder Ravi Modi's family trust among a few others.
The funding came after recent speculations about the internet-first clothing brand looking to bag INR 500 Crore.
The funding was expected to have a primary influx of INR 250 Crores and the remaining amount to be considered a secondary transaction which involved husband-wife duo co-founders of Rare Rabbit, Akshika Poddar and Manish Poddar to sell shares, as reported by Inc42.
According to data from Tracxn, House of Rare and Rare Rabbit, both subsidiaries of Radhamani Textiles Private Limited, reported a total revenue of INR 381 Crore for FY2022-23. The brand also announced a positive in numbers with a net INR 32.2 Crore for FY2022-23, which is a significant rise of 84 per cent from the previous FISCAL year.
As for the market is concerned, Rare Rabbit competes with the likes of Damensh, Styched, Freakins, Beyoung, Bewakoof, French Connection, MAF Clothing, and also the likes of international brands such as French Connection and retailer Marksandspencer in the domestic market.
The brand first opened its retail presence at Bengaluru's ultra-premium retail mall UB City in 2015. Since then, House of Rare has spread across all the major metro cities including low-tier cities such as Bhopal, Dehradun, and Alappuzha in Kerala.
Rare Rabbit has encompassed the ethos of playing with bold design, staying away from conventional and generic patterns in men's clothing which according to the Poddar was a 'rare' commodity.
"Shirts evolved from plain solids to tactile textures; checks evolved with new age colors; and micro floral prints are bigger and bolder. The new-age menswear brands are mushrooming with an array of smart prints," said Poddar in a previous interview with ET.
