Footwear brand Inc.5 Shoes has secured $10 million in a Series A funding round led by Carpediem Capital along with participation from Param Capital and P3 Venture Fund (Surekha Family Office).
It is the maiden institutional funding for Inc.5 Shoes.
The company plans to allocate the fresh funds to triple its footprint in India, with focus on tier II and select tier III cities, store expansion, bolstering its inventory management technology and expanding categories, Inc.5 Shoes said in a press release.
Co-founded in 1998 by Amin Virji, Abdulrasool Virji, Almas Nanda, and Rozmin Virji, Inc.5 Shoes manufactures designer footwear and the brand lays emphasis on the comfort of the foot, producing each pair with extreme care and special attention to minute details.
The company claims to have over 70 exclusive brand outlets and more than 200 shop-in-shops across the country.
“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,” said Amin Virji, Managing Director, Inc.5 Shoes.
Earlier, D2C footwear brand Plaeto raised $5 million in its Series A funding round led by Florintree Advisor along with participation from other investors in July 2022.
