Rapidbox raises $4.5 million from SIG Venture Capital, others

By

Maverick Martins

Published
Nov 25, 2022

Bengaluru-based direct-to-consumer (D2C) brand Rapidbox has raised $4.5 million (Rs 37 crore) in a series A funding round led by SIG Venture Capital.

Tanglin Venture Partners, India Quotient, and Ananya Goenka also participated in the funding round.

The brand will use the funds to diversify its product portfolio, customer acquisition, and brand building.

Commenting on the funding, Arun Paliwal, co-founder of Rapidbox in a statement said, “The latest round of investment reinforces investors’ faith in Rapidbox’s growth story. As a young brand, we see a lot of room for growth as we cater to growing footwear and fashion needs of consumers who are aspirational and early achievers.”

“Rapidbox was launched to close the market gap in the footwear industry with a focus on uplifting product quality and consumer experience. With the continued support of our investors and consumers, we are looking forward to excelling with product and price innovation,” he added.

Rabidbox was founded by Arun Paliwal and Manoj Baranwal in 2019. The brand retails its sports and casual footwear through its website as well as e-commerce platforms like Flipkart, Myntra among others.