Bengaluru-based online footwear brand Rapawalk has raised $3,00,000 in a seed round led by Inflection Point Ventures. The funds raised in this round will be focused towards scaling up its business. Rapawalk, which offers a personalized service to its customers, plans to continue expanding its online business for the coming 12-15 months and also offer an omnichannel shopping experience to its customers.
The digital first footwear brand, founded in 2018 by Kashif Mohammad and Aravind Maddireddy, counts marquee investors like Raveen Sastry, co-founder Myntra, Sanjay Ramakrishnan, former Marketing Cgief, Myntra; and Ravi Garikipati, former CTO, Flipkart, among others.
Vinay Bansal, Founder & CEO, IPV says, â€śWe believe in the growth story of customized footwear in India, especially with our insight that every customerâ€™s foot is different, and standard shoe sizes are not enough for the discerning customer. Rapawalk being in the D2C segment, offers a great personalized footwear design and shopping experience while managing the entire customer journey. Their light inventory business model and continued growth path on online platforms stands Rapawalk in good stead to reach further heights.â€ť
Since its inception in 2018, company claims to have recorded a 15X growth in sales volume in the last Financial year, with a 40% cumulative monthly growth rate.
Kashif Mohammad, Co-founder and CEO, Rapawalk says, â€śPersonalization is the future of Fashion. We want to give ultimate power to every customer to create their own footwear, thereby giving them immersive shopping experience. Footwear shopping always had inherent challenge related to fitting, we at Rapawalk are driven by the vision to make footwear for all foot shape and sizes.â€ť
He adds, â€śSince our launch we have seen much stronger demand for personalized footwear. We are committed to our vision of bringing product and sizing innovation and become the top footwear brand in country. We are delighted to partner with IPV towards building Rapawalk, we believe, we will benefit massively from IPV's strong ecosystem of leaders.â€ť