D2C Footwear Startup Flatheads Raises $1M In Pre-Series A Funding
Flatheads, a Bengaluru-based D2C casual footwear brand, has raised $1 million in pre-series A round led by startup investment platform We Founder Circle and angel network Dexter Angels.
Some other investors, including Gaurav Kapur (TV presenter and founder of Oaktree Sports), Sahil Barua (Co-founder of Delhivery) and Radhika Ghai (Co-founder of ShopClues), also participated in the funding round.
As per the startup, the raised funds will be used for international expansion and product differentiation in the market.
Flatheads | Homegrown D2C Brand Of All-day Casual Sneakers
Founded by Ganesh Balakrishnan and Utkarsh Biradar, who previously founded and successfully exited Momoe (a fintech startup), Flatheads designs all-day wear casual sneakers for the discerning urban audience.
The D2C sneakers brand claims to be the first Indian brand to introduce bamboo fibre shoes that are uniquely suited for the Indian tropical climate.
Speaking on the development, Utkarsh Biradar, Co-founder and CEO of Flatheads, said,
“The pandemic has accelerated the adoption of online D2C brands, and we are seeing supercharged growth with a focus on everyday comfort. With the current fundraise, we aim to establish Flatheads as a lifestyle brand made in India for the world – by building the brand identity, expanding our presence internationally and investing in product differentiation.”
Launched with a vision to create versatile sneakers suited for the Indian urban lifestyle, Flatheads is disrupting the footwear category by building unique products which are well designed, high on comfort and distinctively suited for the young urban consumer.
With this investment in Flatheads, We Founder Circle completes 20 investments in 2021. Angel investors investing in the D2C sneakers brand Flatheads through WFC include Hemant Umbarkar, Swati Mittal, Siddharth Shah, Sandeep Balaji, Victor Banerjee, Shefali Saxena and NK Securities Research.
India is witnessing the rise of D2C brands across categories. The funding in the D2C sector rose by 251% in the first seven months of the year 2021, stated Neeraj Tyagi, Co-founder of We Founder Circle. As per financial services firm Avendus, India is estimated to have a USD 100 billion addressable market by 2025.
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