Inc.5 Shoes, a footwear company, secured its first venture capital of $10 million (about Rs 83 crore) in a round that was co-led by Mumbai-based Carpediem Capital and included Param Capital and P3 Venture Fund.
The omnichannel commerce intends to use the cash raised to improve its senior leadership, grow into new verticals, and increase the footprint of its stores and warehouses.
The company, which has its headquarters in Mumbai, distributes shoes in all price ranges and for all genders in 74 of its own retail stores in addition to 200 other retailers and online.
The company was founded in 1998 and belongs to by the Mumbai-based Virji family. It operates brands include the luxury footwear for men brand Atesbe, the mid-priced men’s footwear brand Privo, and female footwear brand Inc.5.
By March 2024, it plans to run 100 locations, and 40 to 50 more outlets will be added each year after that, according to Amin Virji, managing director, Inc.5, who spoke to ET. In addition, the business wants to add more than 25K square feet to its available warehouse space, he said.
In 1999, the company introduced Inc.5. By creating fashionable footwear, this firm attempted to close the gap in the market for people between the ages of 16 and 35. The brand initially only had a 100-square-foot store in Heera Panna, but it has now expanded to more than 225 shop-in-shops and 74 standalone locations all throughout the nation. The company Inc.5 has 21 years of expertise making designer shoes. This combination of expertise and understanding in the shoe industry, along with the strong emphasis on quality and style, embodies Inc.5’s credo of chic and stylish foot fashion.