Monrow Shoes and Accessories bags an additional $1 million fund led by LC Neuva, 9Unicorns and others

• ByStartupStory     |    May 21, 2022

Monrow Shoes and Accessories, a women’s footwear company, has received an additional $1 million in funding. LC Nueva Investment Partners, as well as current investors 9Unicorns, LetsVenture, and Vcats, have expressed interest in the company this year. Aside from that, Playbook Fund has made its first investment in the brand. The brand also received $1 million in investment in March of 2021.

According to the official announcement, the funds will be used to extend the company’s market presence, develop its product selection, grow the Monrow community, and enhance its dedication to providing clients with a world-class experience through innovative shoes and accessories. 

The company was founded in 2016 by Veena Ashiya, the award-winning entrepreneur with a goal to make magic happen through fashion. With a market value of 2.5 billion dollars, there are a lot of white areas in the women’s footwear sector, with only a few brands competing. The branded ratio in the garment sector has risen, and the same is expected in the shoe and accessory business. Monrow has a significant advantage over the others because he was the first to act in this gambit. As a result, by portraying itself as a new-age, comfort-focused brand for the millennial generation, the brand hopes to dominate the Indian fashion industry.

Veena Ashiya, the founder and CEO of the company said that the company aims to show the world that if one is passionate about what they want to achieve, success and monetary rewards will follow. The startup already has a solid product-market fit, with a 4.3 out of 5 rating for its items, so the money will be used to raise exposure. She also said that in the future years, they are expecting growth to be more than 3X.

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