RapidBox announced that it has secured US$4.5 million in a Series A funding round. The latest funding round was led by SIG Venture Capital, the Asian venture capital arm of the Susquehanna International Group of Companies (“SIG”), Tanglin Venture Partners, India Quotient, and Ananya Goenka. The full-stack tech-driven company will use the funds to expand its product range, enhance customer experience, and for brand building. Founded in 2019, by entrepreneur duo Arun Paliwal and Manoj Baranwal, RapidBox is targeted at young and aspirational consumers who value good fashion at competitive prices. It sells through its app and on leading e-commerce platforms like Flipkart and Myntra and is currently trusted by 2+ million Indians. Among the key reasons for the young brand’s success is its focus on improving the accessibility and affordability of quality fashion products including footwear.
Commenting on the latest fundraising round, Arun Paliwal, co-founder of RapidBox, said, “The latest round of investment reinforces investors’ faith in RapidBox’s growth story. 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. With the continued support of our investors and consumers, we are looking forward to excelling with product and price innovation,” he further added.
In his comments about the investment, Gagan Goyal, General Partner at India Quotient, said, “When we invested in Rapidbox in 2019, we took a bet that an affordable fashion brand with a focus on quality and a fast design-to-launch strategy will find a large market among the Indian youth. In the last 3 years, we saw that vision playing out as RapidBox grew with positive unit economics and high customer love. We are glad to back the team again and hope to create India's own large value fashion brand like SheIn.”
“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.