Yoho Footwear Secures INR 27 Cr in Pre-Series B Round Led by Gulf Islamic Investments Yoho will use the funds for product development, R&D, marketing, and offline expansion while also focusing on recruiting to support its growth and achieve its ambitious business goals.
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Yoho, a direct-to-consumer (D2C) footwear startup, has raised INR 27 crore in a pre-Series B funding round led by Gulf Islamic Investments (GII), a global alternative investment firm managing over USD 4.5 billion in assets.
This fresh infusion follows Yoho's previous INR 20 crore raise in October 2022. The round also saw participation from Rukam Capital and notable angel investors such as Rajeev Misra, CEO of SoftBank Investment Advisers, Vijay Shekhar Sharma, CEO of Paytm, and Pankaj Chaddah, founder of Shyft.
The funds will be deployed to fuel Yoho's growth initiatives, including product development, research and development, marketing, and offline expansion efforts. The startup also plans to strengthen its recruitment efforts, ensuring it has the talent necessary to drive its ambitious goals forward.
Yoho's co-founders, Ahmad Hushsam and Prateek Singhal, said, "With this capital infusion, we are well-positioned to accelerate our product development, expand our market reach, and create an even more significant impact in the lives of consumers. Our mission has always been to provide high-quality, comfortable footwear at accessible prices, and this investment will enable us to bring this vision to a much wider audience, both in India and globally."
Founded in 2021 and based in New Delhi, Yoho offers a diverse range of footwear, including casual and formal styles for both men and women.
The startup has quickly gained traction with its focus on biomechanically designed, affordable footwear. In the coming years, Yoho aims to expand its offline presence, partnering with 2,000 multi-brand outlets (MBOs) in tier I and tier II cities across India.
Additionally, it plans to grow its product catalogue to 300 styles by 2025 and enter international markets, targeting the Middle East, Africa, and the US by early 2025.
GII's co-founders and co-CEOs, Mohammed Al-Hassan and Pankaj Gupta, praised Yoho's rapid growth and innovative approach. "Yoho's remarkable growth in a short period strongly validates its product-market fit," said Gupta. "We look forward to being part of their journey as they continue to disrupt the industry and enhance users' everyday comfort."
Rajeev Misra, CEO, SoftBank Investment Advisers, added, "Yoho's innovative combination of biomechanical expertise and affordability fills a significant gap in the market. Their strategy exemplifies the kind of disruption that can capture substantial market share in India's evolving economy."
