Vegan footwear brand RapidBox raises 4.5 million dollars in funding

RapidBox, a direct-to-consumer footwear brand, has announced it has raised 4.5 million dollars in a Series A funding round, led by Asian firm SIG Venture Capital.

The Indian company said the funding will be used to expand its product range, enhance customer experience and for brand building.

In a release, co-founder of RapidBox, Arun Paliwal, commented: “As a young brand, we see a lot of room for growth as we cater to growing footwear and fashion needs of consumers who are aspirational and early achievers.

“RapidBox was launched to close the market gap in the footwear industry with a focus on uplifting product quality and consumer experience. With the continued support of our investors and consumers, we are looking forward to excelling with product and price innovation.”

Founded in 2019, RapidBox currently sells through its own app and on e-commerce platforms like Flipkart and Myntra, boasting a customer base of two million Indians.

It said in its release the reason behind its success comes down to its focus on improving the accessibility and affordability of quality fashion products.

Speaking on the funding, Bhavani Rana, investment adviser to SIG, said: "With the advent of social media, consumers of all segments are exposed to the latest footwear trends and have the same aspiration for these products.

“RapidBox fulfils these aspirations through rapid innovation to deliver beautiful shoes at price points that work for the economy segment.”