Inc.5 Shoes, a footwear company, recently secured its first venture capital investment, totaling $10 million (approximately INR 83 crore). This funding round was co-led by Mumbai-based Carpediem Capital and included contributions from Param Capital and P3 Venture Fund.
The omnichannel commerce company plans to utilize the funds raised to enhance its senior leadership team, expand into new verticals, and extend the reach of its retail stores and warehouses.
Headquartered in Mumbai, the company distributes a diverse range of shoes for all genders across various price points. These products are available through its extensive network, comprising 74 proprietary retail outlets, 200 partner retailers, and online platforms.
Established in 1998, this company is under the ownership of the Virji family, based in Mumbai. The company manages several brands, including Atesbe, which offers luxury men’s footwear, Privo, a mid-priced men’s footwear brand, and Inc.5, a brand specializing in women’s footwear.
Amin Virji, the Managing Director of Inc.5, shared that the company has set its sights on operating 100 locations by March 2024, with a subsequent annual expansion plan of adding 40 to 50 more outlets. Additionally, the company is looking to increase its warehouse capacity by over 25,000 square feet.