Bengaluru-based women’s direct-to-consumer footwear brand Monrow has raised an undisclosed funding from 9Unicorns, an accelerator venture capital fund that supports early-stage start-ups.

The funding comes as the lifestyle fashion segment is slowly recovering from the Covid-19 crisis. Monrow will use the funds to expand to Tier-II and III towns, even as it plans to open more brick-and-mortar stores this year.

“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,” Veena Ashiya, Founder, Monrow, said.

The company’s gross revenue runrate is at about ₹9 crore. The brand has raised a total of ₹5 crore so far.

Also read: Jimmy’s Cocktails raises ₹6 crore in pre-series funding round

In November last year, the lifestyle start-up raised a pre-Series A investment from early-stage investors such as Venture Catalysts, Blume Ventures, LetsVenture, and super angels — Aprameya Radhakrishna (Founder of Taxiforsure and Koo app), Sweta Rau, Archana Priyadarshini and Ravi Soni.

Monrow is currently selling its products across 14 locations in the country through partnerships with Shoppers Stop, Future Group and Reliance Retail among others.

“The white space that the brand is operating in is worth a whopping $4.8 billion because it is unorganised. 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,” Rajesh Mane, Principal at 9Unicorns said.

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