Footwear brand Inc.5 raises $10 million, plans to take store count to 100

Footwear brand Inc.5 Shoes has raised $10 million in its first venture funding round. The omni-channel business plans to expand both its brick-and-mortar stores and warehouses, foray into new product categories, and bolster its senior leadership with the new funds. 

The funding round was led by Mumbai-based venture capital business Carpediem Capital and also saw participation from P3 Venture Fund and Param Capital, ET Tech reported. Following the funding injection, Inc.5 Shoes plans to expand its warehousing footprint by over 25,000 square feet on top of its current capacity. 
 
Inc.5 Shoes retails footwear for both men and women through its brands Inc.5, Privo, and Atesber and currently counts 74 brick-and-mortar stores of its own while also retailing its products in a further 200 stores and online. For its next round of retail expansion, the business plans to bring its store count to over 100 by the end of the 2024 financial year. Following that, Inc.5 plans to open between 40 and 50 stores each year to reach shoppers across India. 

Inc.5 Shoes launched in 1998 and is owned by the Virji family. In the 2023 financial year, the business reported a revenue total of Rs 220 crore with an earnings before interest, tax, depreciation, and amortisation margin of 15%.