Inc.5 Shoes, a footwear company, has raised $10 million in a Series A funding round led by Carpediem Capital, with participation from P3 Venture Fund (Surekha Family Office) and Param Capital.
This is Inc.5 Shoes’ first institutional funding.
According to a press release from Inc.5 Shoes, the company intends to use the additional funding to triple its presence in India, with an emphasis on tier II and a few tier III cities, store expansion, improving its inventory management technology, and broadening its product offerings.
Virji, Inc. was co-founded in 1998 by Amin, Rozmin, Almas Nanda, and Abdulrasool Virji.5 Shoes produces designer shoes with a focus on foot comfort. Each pair is meticulously crafted, with special attention paid to even the smallest details.
The company states that it operates more than 200 shop-in-shops and more than 70 exclusive brand outlets nationwide.
“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,” said Amin Virji, Managing Director, Inc.5 Shoes.
Prior to this, in July 2022, the direct-to-consumer footwear company Plaeto raised $5 million in its Series A funding round, which was led by Florintree Advisor and included participation from other investors.
