RapidBox Raises $4.5 Million In Series A Funding The fund raised will be used to expand the product range, enhance customer experience, and for brand building
By Teena Jose
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RapidBox, a fast-growing, young, direct-to-consumer venture that is active in footwear, sports, and casual fashion categories, has raised $4.5 million in Series A funding round, led by SIG Venture Capital, the Asian venture capital arm of the Susquehanna International Group of Companies ("SIG"), Tanglin Venture Partners, India Quotient, and Ananya Goenka. The fund raised will be used to expand the product range, enhance customer experience, and for brand building.
"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," said Arun Paliwal, co-founder, RapidBox.
RapidBox is targeted at young and aspirational consumers who value good fashion at competitive prices. It sells through its app and on leading e-commerce platforms like Flipkart and Myntra and, currently trusted by more than two million Indians. Among the key reasons for the young brand's success is its focus on improving the accessibility and affordability of quality fashion products including footwear, claimed by the company in a statement.
"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 fulfills these aspirations through rapid innovation to deliver beautiful shoes at price points that work for the economy segment" said Bhavani Rana, investment adviser to SIG.
Founded in 2019 by Arun Paliwal and Manoj Baranwal, RapidBox is a fast-growing young direct-to-consumer venture playing in footwear, sports, and casual fashion categories.
