Bengaluru-headquartered direct-to-consumer (D2C) model has introduced elevating $4.5 million in a Sequence A spherical of funding led by SIG Enterprise Capital, the Asian enterprise capital arm of Susquehanna Worldwide Group. Different buyers within the spherical embody Tanglin Enterprise Companions, India Quotient, and Ananya Goenka.
The model will utilise the funds to develop its product vary, improve buyer expertise, and for model constructing.
“The most recent spherical of funding reinforces buyers’ religion in RapidBox’s progress story. As a younger model, we see a whole lot of room for progress as we cater to rising footwear and trend wants of shoppers who’re aspirational and early achievers,” mentioned Arun Paliwal, Co-founder of RapidBox, in a press release.
He additional added, “RapidBox was launched to shut the market hole within the footwear trade with a concentrate on uplifting product high quality and client expertise. With the continued help of our buyers and shoppers, we’re trying ahead to excelling with product and value innovation.”
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Based in 2019 by Arun Paliwal and Manoj Baranwal, RapidBox retails footwear, sports activities and informal trend put on classes. The model controls the manufacture of products with an in-house line, which permits it to run high quality checks and have an end-to-end view of the provision chain. The worth-for-money model retails by way of its web site in addition to ecommerce platforms together with Flipkart and Myntra.
D2C manufacturers raised $543 million in funding throughout levels throughout FY 2022, in response to market intelligence platform Tracxn—which is larger than the cumulative funding raised by them within the earlier years. Regardless of the present funding surroundings, some retail D2C manufacturers such because the likes of girls’s activewear model BlissClub, footwear model Yoho, and wonder model mCaffeine have raised funds this 12 months.