Footwear brand Inc.5 Shoes has successfully raised a substantial $10 million in a Series A funding round. The primary investor in this round is Carpediem Capital, a mid-market private equity firm. Param Capital and P3 Venture Fund (Sureka Family Office) also participated in the funding.
Inc.5 Shoes, a 25-year-old brand, has primarily operated as a bootstrapped venture until now. This funding marks a major milestone for the Mumbai-based company. The brand has unveiled a strategic plan to allocate the funding across several key areas:
- Retail Expansion: Inc.5 Shoes is gearing up to expand its store count, targeting urban areas and venturing into Tier II and Tier III cities to triple its existing presence.
- Online Presence: In line with the evolving e-commerce landscape, the brand plans to strengthen its online presence.
- Leadership Reinforcement: A portion of the funds will be utilized to bolster the senior leadership team, ensuring strong guidance during this growth phase.
- Category Diversification: Inc.5 Shoes aims to diversify its product categories to cater to a broader customer base.
- Technological Advancements: The brand intends to invest in improving backend capabilities, specifically focusing on inventory management technology.
Founded in 1998, Inc.5 Shoes has already established a significant presence with over 70 exclusive brand outlets and 200 shop-in-shop locations across India. The brand is not limited to physical retail and has a substantial presence on popular e-commerce platforms like Myntra, Nykaa, and Amazon. They also operate their own website.
This development comes during Inc.5 Shoes’ 25th-anniversary year, and the Managing Director, Amin Virji, expressed excitement about the brand’s journey. He revealed their goal to achieve the significant milestone of 100 stores in this celebratory year. Carpediem Capital, as a key partner in this endeavor, sees the investment as a strategic move considering the changing landscape of Indian women’s participation in the workforce.
Dexter Capital Advisors facilitated the financial aspects of this milestone transaction, with ICUL and Antares providing crucial legal support for Inc.5 and Carpediem, respectively.
Carpediem Capital, known for its active investments in the consumer goods and consumer services sector, has previously invested in promising ventures like Sindhuja Microcredit. With this investment, the brand is part of Carpediem Capital’s ongoing mission to support and grow businesses in these sectors.
