RapidBox, a D2C footwear brand, has secured $4 million in a Series A round led by SIG Venture Capital, the Asian venture capital arm of the Susquehanna International Group of Companies (SIG), Tanglin Venture Partners, India Quotient, and Ananya Goenka.
The full-stack tech-driven firm will use the funds to expand its product range, enhance customer experience, and for brand building.
Arun Paliwal, a co-founder of RapidBox, said, “The latest round of investment strengthens investors’ confidence in RapidBox’s growth story. As a young company, we see a lot of room for improvement as we cater to growing footwear and fashion needs of consumers who are aspirational and early achievers,” said “RapidBox was created to fill a market gap in the footwear industry with a focus on improving product quality and customer experience. With the continued support of our investors and customers, we are looking forward to excelling at product and price differentiation,” he continued.
Gagan Goyal, General Partner at India Quotient, said, “When we invested in Rapidbox in 2019, we took a bet that an affordable fashion brand with a focus on quality and a fast design-to-launch strategy will find a large market among the Indian youth. In the last 3 years, we saw that vision playing out as RapidBox grew with positive unit economics and high customer love. We are glad to back the team again and hope to create India’s own large value fashion brand like SheIn.”
“With the advent of social media, consumers of all ages are kept up to date with the latest footwear trends and have the same passion for these items. RapidBox fulfills these aspirations through rapid innovation to deliver beautiful shoes at price points that work for the economy segment, said Bhavani Rana, SIG’s Investment Adviser.