- Footwear brand Rapawalk raises $300k in Seed funding from Inflection Point Ventures.
- The company will use the funding to expand its business presence in the country.
Bangalore-based D2C footwear brand Rapawalk has raised $300K (or about Rs 2.25 crore) in a Seed funding round led by Gurugram-based angel investment firm Inflection Point Ventures (IPV).
The company will utilize the funding to scale up its business operation and expand its presence in the country. It also aims to offer an omnichannel shopping experience to its customers.
In April 2019, Rapawalk first raised Rs 2.4 crore in an angel round from Raveen Sastry (General Manager, boomtrain), Ravi Garikipati (Co-founder, Davinta Financial Services), and Sanjay Ramakrishnan (Founder, Multiply Ventures).
Till date, The company has raised over Rs 4.6 crore in a total of two funding rounds.
”We believe in the growth story of customized footwear in India, especially with our insight that every customer’s foot is different, and standard shoe sizes are not enough for the discerning customer. Rapawalk being in the D2C segment, offers a great personalized footwear design and shopping experience while managing the entire customer journey,” said Vinay Bansal (Founder & CEO of IPV).
“Their light inventory business model and continued growth path on online platforms stand Rapawalk in good stead to reach further heights,” he added.
Commenting on the development, Kashif Mohammad, Co-founder & CEO, Rapawalk says, “Personalization is the future of Fashion. We want to give the ultimate power to every customer to create their own footwear, thereby giving them an immersive shopping experience. Footwear shopping always had inherent challenges related to fitting, we at Rapawalk are driven by the vision to make footwear for all foot shapes and sizes.”
“Since our launch, we have seen much stronger demand for personalized footwear. We are committed to our vision of bringing product and sizing innovation and become the top footwear brand in the country. We are delighted to partner with IPV towards building Rapawalk, we believe, we will benefit massively from IPV’s strong ecosystem of leaders,” he added.
Since its inception, The company has recorded a 15x growth in sales volume in the last financial year, with a 40% cumulative monthly growth rate (CMGR).
According to the reports, The footwear market in India is currently stood at $6+ billion, growing at a fast of 14.5% year-on-year (YoY).
While the branded footwear is only covering 45% of the market and outpacing the unbranded footwear at a 19% year-on-year growth. Online penetration of the footwear sales stands at a small 11% but experiencing 27% accelerated year-on-year growth.
About RapaWalk – Rapawalk is a Bangalore-based online D2C footwear company founded in 2018 by IIM-Ahmedabad alumni Kashif Mohammad and Aravind Maddireddy. Rapawalk focused on selling personalized handcrafted to Italian standards. The company also allows customers to design their own unique pair of shoes.