Indian startup using vegan leather raises $4.5 million funding led by SIG Venture Capital
- Bengaluru-based startup uses high-gauge vegan leather ensuring that the footwear ages well.
- India is the second largest footwear consumer and producer market in the world.
- The latest funding round was led by
SIG Venture Capital, Tanglin Venture Partners, India Quotient, and Ananya Goenka.
The latest funding round was led by SIG Venture Capital, the Asian venture capital arm of the
RapidBox has an in-house manufacturing line, and uses high-quality and high-gauge vegan leather (fake leather that does not use animal skin) to ensure the footwear ages well.
“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. RapidBox was launched to close the market gap in the footwear industry with a focus on uplifting product quality and consumer experience,”
The Bengaluru-based startup that sells its products on leading e-commerce platforms like
India is the second largest footwear consumer and producer market in the world, accounting for 11% of the global footwear production, as reported by equity research firm B&K Securities. The Indian footwear consumption has grown at a CAGR of 4.5% from 2.05 billion pairs in FY15 to 2.56 billion pairs in FY20.
“The Indian footwear market is currently under-penetrated with per capita consumption of only 1.9 pairs against a global average of 3 pairs and developed countries average of 5-6 pairs,” a report by equity research firm B&K Securities highlighted.
“With the advent of social media, consumers of all segments are exposed to the latest footwear trends and have the same aspiration for these products. RapidBox fulfills these aspirations through rapid innovation to deliver beautiful shoes at price points that work for the economy segment,” said Bhavani Rana, investment adviser to SIG Venture Capital.
The Indian footwear industry is witnessing a rise in demand due to increasing urbanization, rise in disposable income, and increasing penetration in smaller towns, especially post-pandemic, B&K Securities estimates.
SEE ALSO: Here’s what ‘Twitter jail’ means, and what you can do to escape it
Unicorns are passé, cockroaches are the new favourites of venture capitalists
AdvertisementAmul, BJYUs, Jio Cinema & more: Indian brands powering the FIFA World Cup 2022
Popular on BI
- Toyam Sports Limited signed up as title sponsor for India tour of Bangladesh
- Deadly Covid variants still transmissible between species, finds study
- Australia researchers find poor sleep may be risk factor for Type 2 diabetes
- Max Financial Services: Company worth ₹24,000 crore running with only 12 employees
- NPCI defers UPI market cap rules till Dec 31, 2024