Bengaluru-headquartered direct-to-consumer (D2C) brand has announced raising $4.5 million in a Series A round of funding led by SIG Venture Capital, the Asian venture capital arm of Susquehanna International Group. Other investors in the round include Tanglin Venture Partners, India Quotient, and Ananya Goenka.
The brand will utilise the funds to expand its product range, enhance customer experience, and for brand building.
“The latest round of investment reinforces investors’ faith in RapidBox’s growth story. As a young brand, we see a lot of room for growth as we cater to growing footwear and fashion needs of consumers who are aspirational and early achievers,” said Arun Paliwal, Co-founder of RapidBox, in a statement.
He further added, “RapidBox was launched to close the market gap in the footwear industry with a focus on uplifting product quality and consumer experience. With the continued support of our investors and consumers, we are looking forward to excelling with product and price innovation.”
Founded in 2019 by Arun Paliwal and Manoj Baranwal, RapidBox retails footwear, sports and casual fashion wear categories. The brand controls the manufacture of goods with an in-house line, which allows it to run quality checks and have an end-to-end view of the supply chain. The value-for-money brand retails through its website as well as ecommerce platforms including Flipkart and Myntra.
D2C brands raised $543 million in funding across stages during FY 2022, according to market intelligence platform Tracxn—which is higher than the cumulative funding raised by them in the previous years. Despite the current funding environment, some retail D2C brands such as the likes of women’s activewear brand BlissClub, footwear brand Yoho, and beauty brand mCaffeine have raised funds this year.
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