Mumbai-based footwear brand Inc.5 Shoes has raised $10 million in a Series A funding round led by Carpediem Capital and saw participation from Param Capital and P3 Venture Fund, affiliated with the Sureka Family Office.
Established in 1998, Inc.5 Shoes has catered to the 16-35 age demographic, boasting over 70 exclusive brand outlets and more than 200 shop-in-shop locations nationwide.
According to Amin Virji, Managing Director of Inc.5 Shoes, The brand aim to cross our first 100-store mark. "We know that this fulfilling journey of successes and growth has only begun," he said.
According to the company's statement, the raised funds would be utilized towards several growth initiatives. The brand intends to triple its current presence, focusing on urban areas, especially Tier 2 and select Tier 3 cities.
Additionally, It will also focus on channelling the funds towards enhancing its online visibility, fortifying senior leadership roles, and bolstering backend capacities.