You would never have thought an accessory like socks can bloom into a business idea and the startup can grow into a disruptive force in the category. But that is precisely what Soxytoes has been able to achieve in a short span of time.
The startup has announced that it has raised funds a part of an angel round. The investment has been made by an angel network. This may be treated as seed funding for the project, though the startup has been in the business for almost 2 years.
Though the amount raised has not been disclosed, Soxytoes says it will use these funds to expand into international markets apart from reaching out to more customers locally both offline and online. Some amount of product expansion will also take place.
Soxytoes has adopted the omnichannel approach with its products being sold online through popular platforms like Amazon and Myntra, while it runs kiosks at malls across many cities.
The uniqueness of the products made and sold by Soxytoes tells its own story. It includes noticeable socks, performance enhancing athletic socks, health socks for diabetics, no shows and socks especially engineered for travel. These are not your regular socks range available in stores. The company wants to add personalized and kids socks to this range.
Their socks have fragrances and essential oils in them to ensure the feet remain soft and at the same time don’t give away any foul odour. They use mostly cotton-based fabrics for making the socks. They call theirs ‘noticeable’ socks and consider them transformational.
Soxytoes has manage to sell over 100,000 pairs since they started and want to a Rs 5 billion brand within the next 5 years. The company says it is targeting the millennials who are said to be contributing to 70% of India's total household income.