Inc.5 Shoes, a popular name in the Indian footwear industry, has successfully raised a $10 million in its recent Series A funding round, to amplify the brand’s online and offline presence, including the expansion of its store count.
Additionally, the company will embark on strengthening the senior leadership team, diversifying product categories, and enhancing backend capacities such as inventory management technology. The company envisions scaling its existing presence by threefold, focusing on consolidating its position in urban areas while strategically targeting Tier II and Tier III cities.
Amin Virji, the Managing Director of Inc.5 Shoes, expressed his enthusiasm, stating, “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.”
Investors upbeat about Inc.5 Growth Journey
Acknowledging the brand’s significance in the domestic footwear market, Abhishek Sharman, Founder of Carpediem Capital, and Saranya Agrawal, Param Capital, jointly stated, “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.”
Dexter Capital Advisors served as the exclusive financial advisor to the transaction, while ICUL and Antares acted as the legal advisors to Inc.5 and Carpediem, respectively. With this infusion of capital and strategic partnerships, Inc.5 Shoes is set to redefine its market presence and further solidify its position as a frontrunner in the Indian footwear industry.
The funding round was led by Carpediem Capital. The funding marks a new chapter in the brand’s 25-year history and is anticipated to fuel its ambitious expansion plans and strategic development initiatives.
