Bengaluru Based Online Footwear Brand ‘Rapawalk’ Raises $300,000 In Seed Funding
Bengaluru-based online footwear brand Rapawalk has raised $300,000 in a seed funding round led by angel investment platform, Inflection Point Ventures (IPV).
As per the startup, it will use the funds towards scaling up its business.
In addition to continually expanding its online business for the coming 12-15 months, Rapawalk also pans to offer an omnichannel shopping experience to its customers.
Founded by IIM-Ahmedabad alumni Kashif Mohammad and Aravind Maddireddy in 2018, this Bengaluru-based online footwear brand offers a personalised service to its customers.
Talking about Rapawalk Kashif Mohammad (Co-founder and CEO of Rapawalk) said,
“Personalisation is the future of Fashion. We want to give ultimate power to every customer to create their own footwear, thereby giving them immersive shopping experience. Footwear shopping always had inherent challenge related to fitting, we at Rapawalk are driven by the vision to make footwear for all foot shape and sizes.”
As per the startup, footwear in India is currently a $6 billion+ market growing at a fast 14.5% on a yearly basis.
Branded footwear is only 45% of the market and is outpacing the unbranded footwear at a 19% YoY growth.
Coming back to the startup, the company claims to have recorded a 15X growth in sales volume in the last financial year, with a 40% cumulative monthly growth rate since its beginning.
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