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Footwear Brand Inc.5 Shoes Raises $10 Million In Series-A Funding

The company plans to triple its footprint in India, with a focus on tier-2 and select tier-3 cities

Footwear Brand Inc.5 Shoes Raises $10 Million In Series-A Funding
(L-R) Inc.5's CEO Rajesh Kadam, Chairman Abdulrasool Virji, Directors Almas Nanda and Rozmin Virji along with MD Amin Virji
POSTED ON October 25, 2023 3:48 PM

Inc.5 Shoes, a footwear brand, has secured $10 million in a Series A funding round led by Carpediem Capital. Other investors included Param Capital and P3 Venture Fund (Sureka Family Office). Dexter Capital Advisors provided financial guidance for the deal, and ICUL and Antares served as legal advisors to Inc.5 and Carpediem. 

Inc.5 Shoes, founded in 1998, is a family-led business where Abdulrasool Virji presides as its chairman, Amin Virji is the managing director, and Almas Nanda and Rozmin Virji are the directors. The company currently has more than 70 exclusive brand stores and over 200 shop-in-shop locations across India. 

Speaking on the funding, Amin Virji said, “We have recently raised our first institutional round with Carpediem Capital partnering with us in our growth journey. During our 25th year, we also aim to cross our first 100-store mark.” 

Abhishek Sharman, founder of Carpediem Capital and Saranya Agrawal, founder of Param Capital said in a joint statement, “Inc.5 retails quality and affordable footwear for Indian women, an evolving demographic given their increasing participation in the workforce.”  

The company aims to scale its existing presence by 3x, solidifying its footprint in urban areas and targeting tier-2 and select tier-3 cities. It will deploy the raised capital towards store expansion, amplifying its online presence, strengthening senior leadership and building backend capacities like bolstering its inventory management technology and expanding categories. 

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