Rare Rabbit has received the initial installment of its INR 500 Crore investment. The company secured funding of INR 150 Crore from A91 Partners, Gruhas (Nikhil Kamath’s investment firm), Ravi Modi’s family trust, and other investors.
Rare Rabbit secured money with a pre-money valuation of INR 2,200 Cr (about $264 Mn).
The funding round would consist of a primary investment of INR 250 Crore. The remaining sum was to be completed in a subsequent transaction, in which the couple Akshika and Manish Poddar would sell shares.
Read also – KarmaCheck Raises $45 Mn Funding from Parameter Ventures
The House of Rare manages three distinct brands: Rare Rabbit, a women’s fashion wear business; Rareism, a brand specializing in women’s fashion; and Articale, a brand focused on everyday wear.
In the financial year 2022-23 (FY23), the startup experienced a significant increase in operational revenue, with a year-on-year (YoY) growth of 77% to INR 376 Cr. Additionally, the net profit also saw substantial growth, increasing by 84% to INR 32.2 Cr. The total expenditure for the year amounted to INR 338.7 Cr, representing a 72% increase from the previous fiscal year’s expenditure of INR 196.6 Cr in FY22.
About Rare Rabbit
Founded in 2015 by Manish Poddar, Akshika Poddar, Rare Rabbit is a division of Radhamani Textiles, situated in Bengaluru. In addition to its flagship brand, Rare Rabbit, The House of Rare also owns the luxury women’s fashion brands, Rareism and Articale, for everyday wear.
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