In a remarkable development for the Indian footwear industry, renowned D2C (Direct-to-Consumer) footwear brand Inc.5 Shoes has successfully secured $10 million in a Series A funding round. The funding round was led by Carpediem Capital, with participation from Param Capital and P3 Venture Fund (Surekha Family Office). This momentous achievement marks the brand’s first venture into the world of institutional funding, signifying a significant milestone in Inc.5 Shoes’ journey.
Inc.5 Shoes, founded in 1998 by visionary entrepreneurs Amin Virji, Abdulrasool Virji, Almas Nanda, and Rozmin Virji, has garnered a steadfast reputation for manufacturing designer footwear that places a strong emphasis on the comfort of the foot. With an unwavering commitment to crafting each pair with meticulous care and attention to the most minor details, the brand has won the hearts of customers across the nation.
The infusion of $10 million in funding is poised to be a game-changer for Inc.5 Shoes, enabling the company to embark on an ambitious expansion plan. This strategic allocation of funds will primarily focus on three critical areas:
1. Geographic Expansion: Inc.5 Shoes intends to triple its footprint across India, targeting not only major metropolitan areas but also tier II and select tier III cities. This expansion is a testament to the brand’s commitment to reaching a wider audience, ensuring that individuals from diverse regions can experience the comfort and style that Inc.5 Shoes offers.
2. Store Expansion: As a part of its growth strategy, Inc.5 Shoes plans to bolster its presence through a network of exclusive brand outlets. The company currently boasts over 70 such outlets, and this funding will enable them to increase that number significantly. This strategy will make their products even more accessible to customers, enhancing the brand’s visibility and reach.
3. Technological Advancements: Inc.5 Shoes understands the importance of embracing cutting-edge technology to streamline inventory management. By investing in advanced inventory management systems, the company aims to optimize its operations, ensuring that customers can enjoy a seamless shopping experience.
Furthermore, Inc.5 Shoes is set to expand its product categories, catering to a broader range of customer preferences and fashion needs. This diversification will further solidify its position as a one-stop destination for quality footwear.
Speaking about this significant achievement, Amin Virji, the Managing Director of Inc.5 Shoes, expressed his excitement about the brand’s newfound partnerships, saying, “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.”
Inc.5 Shoes has indeed come a long way since its inception in 1998, and with the infusion of $10 million in Series A funding, the brand is well on its way to achieving greater heights of success. As they continue to prioritize comfort, quality, and style, Inc.5 Shoes is set to win over even more loyal customers in India and beyond, making designer footwear accessible to all. This funding not only symbolizes an investment in a brand but also an investment in the future of footwear fashion. Stay tuned to witness Inc.5 Shoes’ remarkable journey unfold.
