RapidBox, operated by Trusource Technology Pvt. Ltd, on Thursday raised $4.5 million (Rs 36.8 crore) in a Series A round led by SIG Venture Capital, Tanglin Venture Partners, India Quotient, among others.
The direct-to-consumer (D2C) brand plans to deploy these funds to expand its product range, enhance customer experience and bolster brand building.
Mumbai-based alternative credit platform BlackSoil invested in the firm in April 2021, in a cumulative investment of Rs 12 crore, along with Up Money and Freightwalla.
“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,” said Arun Paliwal, the co-founder of RapidBox.
The Bengaluru-based company, backed by BlackSoil Capital, was started in 2019 by former Flipkart executive Paliwal and ex-Dailyhunt executive Manoj Baranwal. The D2C brand operates in the footwear, sports, and casual fashion space.
RapidBox sells its merchandise on its app and on marketplace platforms including Flipkart and Myntra. The brand attributes its growth to its focus on improving the accessibility and affordability of quality fashion products including footwear.
“When we invested in RapidBox in 2019, we took a bet that an affordable fashion brand with a focus on quality and a fast design-to-launch strategy will find a large market among the Indian youth. In the last 3 years, we saw that vision playing out as RapidBox grew with positive unit economics and high customer love,” said Gagan Goyal, general partner at India Quotient.