D2C retail brand RapidBox raises $4.5M Series A funding led by SIG Venture Capital
Summary
Bengaluru-headquartered direct-to-consumer (D2C) brand Rapidbox has announced raising $4.5 million in a Series A round of funding led by SIG Venture Capital, the Asian venture capital arm of Susquehanna International Group. Other investors in the round include Tanglin Venture Partners, India Quotient, and Ananya Goenka.The brand will utilise the funds to expand its product range, enhance customer experience, and for brand building.He further added, 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.Founded in 2019 by Arun Paliwal and Manoj Baranwal, RapidBox retails footwear, sports and casual fashion wear categories. The brand controls the manufacture of goods with an in-house line, which allows it to run quality checks and have an end-to-end view of the supply chain. The value-for-money brand retails through its website as well as ecommerce platforms including Flipkart and Myntra.D2C brands raised $543 million in funding across stages during FY 2022, according to market intelligence platform Tracxnwhich is higher than the cumulative funding raised by them in the previous years.