Inc.5 Shoes, a footwear brand founded in 1998, has raised $10 million in Series A funding. Carpediem Capital led the funding, with Param Capital and P3 Venture Fund (Sureka Family Office) also participating.
This marks the company’s first institutional funding.
With this capital infusion, Inc.5 Shoes aims to expand its presence significantly. It plans to strengthen its foothold in urban areas extend its reach to tier-2 and select tier-3 cities.
The company intends to use the funds for store expansion, bolstering its online presence, enhancing its senior leadership team, and improving backend operations, including inventory management technology and expanding its product offerings.
“As we celebrate 25 years at Inc.5, we are particularly excited as this year gives us more than one reason to celebrate. We have recently raised our first institutional round with Carpediem Capital, partnering with us in our growth journey. We are extremely excited to have them as our long-term partners who will add immense long-term value to our growth journey. During our 25th year, we also aim to cross our first 100-store mark, and we know that this fulfilling journey of successes and growth has only begun,” shares Amin Virji, Managing Director, Inc.5 Shoes.
Currently, Inc.5 Shoes, headquartered in Mumbai, boasts over 70 Exclusive Brand Outlets and over 200 shop-in-shops nationwide.
“We would like to congratulate the founders and management team for building a prominent domestic footwear brand. Inc.5 retails quality and affordable footwear for Indian women, an evolving demographic, given their increasing participation in the workforce. We are excited to be a part of the next stage of Inc.5’s growth journey,” said Abhishek Sharman (Founder of Carpediem Capital) and Saranya Agrawal (Param Capital) in a joint statement.
Notably, this funding round is Carpediem Capital’s third investment from CCP Fund II. Dexter Capital Advisors served as the exclusive financial advisor, and ICUL & Antares provided legal counsel to Inc.5 and Carpediem, respectively.