Footwear brand Monrow raises funding from 9 Unicorns, plans offline expansion
Bengaluru-based women’s footwear brand Monrow has raised an undisclosed funding from 9 Unicorns.
The company had earlier raised funds from early-stage investors such as Venture Catalysts, Blume Ventures, Lets Venture, and angel investors Aprameya Radhakrishna, Sweta Rau, Archana Priyadarshini, and Ravi Soni.
Monrow plans to use the funds to strengthen its presence in tier 2, 3 towns by opening brick-and-mortar stores this year.
Commenting on the funding, Veena Ashiya, founder at Monrow, in a statement said: “At a time when most emerging ventures were thinking before taking the next step forward in an uncertain environment, we have doubled down and accelerated our growth. We posted double-digit growth during the pandemic. Our funding speaks volumes about our ability to bounce back faster than most of the other brands in the space to register strong post-pandemic recovery.”
Rajesh Mane, Principal at 9 Unicorns, added: “Being a first-of-a-kind digital footwear seller in the Indian shoe market, along with its focus on delivering unique value to the highly aspirational and comfort-loving millennial generation, gives a competitive advantage to the brand over its retail-focused peers."
Monrow currently sells its products across 14 locations in the country through partnerships with Shoppers Stop, Future Group, and Reliance Retail among others. The brand also sells online through its website, Myntra, and Ajio.
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