RapidBox, a D2C retail brand, raises $4.5 million in Series A funding from SIG Venture Capital

• ByStartupStory     |    November 24, 2022

Rapidbox, a direct-to-consumer (D2C) company with headquarters in Bengaluru, has announced obtaining $4.5 million in a Series A round of fundraising sponsored by SIG Venture Capital, Susquehanna International Group’s Asian venture capital arm. Tanglin Venture Partners, India Quotient, and Ananya Goenka are additional investors in the round.

The brand will use the capital to increase customer satisfaction, broaden its product offering, and build its brand.

“The latest round of investment reinforces investors’ faith in RapidBox’s growth story. 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 Co-Founder Arun Paliwal said in a statement.

He further added, “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.”

RapidBox is a footwear, sports, and casual fashionwear retailer founded in 2019 by Arun Paliwal and Manoj Baranwal. The brand controls the manufacturing of items using an in-house line, allowing it to do quality checks and see the entire supply chain. The cost-effective brand sells on its website as well as on e-commerce marketplaces such as Flipkart and Myntra.

According to the market intelligence platform, D2C brands raised $543 million in fundraising across stages during FY 2022, which is more than their cumulative funding raised in previous years. Despite the present funding environment, certain retail D2C firms have raised funds this year, including women’s activewear brand BlissClub, footwear brand Yoho, and beauty brand mCaffeine.

 

 

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