PE Fund Investments
Footwear brand Inc.5 raises $10-M from Carpediem Capital, Param, P3 Venture Fund
Mumbai-headquartered 25 year old footwear brand Inc.5 Shoes has raised USD 10 million (about INR 83 crore) led by Carpediem Capital, with participation from Param Capital and P3 Venture Fund. Inc.5 Shoes, which sells footwear across gender and price categories, operates 74 stores of its own, besides selling products in another 200 stores and through online channels. The omnichannel retailer plans to use the funds raised to expand its store and warehousing footprint, introduce new categories and hire talent. Owned by the Mumbai-based Virji family, the firm was established in 1998 and runs brands such as women's footwear-focused Inc.5, premium men's footwear brand Atesbe, and mid-range men's shoes brand Privo. The firm reported INR 220 crore in revenue in 2022-23 with a 15% EBITDA margin.
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