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Yoho, a direct-to-consumer (D2C) footwear startup, has raised ₹20 crore in a Series A round.
The round was led by Rajeev Mishra, CEO of Softbank Vision Fund, Rukam Capital, and Vijay Shekhar Sharma, founder of Paytm, and also saw participation from other investors.
Yoho says that it will use the money to develop the skills necessary to develop new product ideas and environment-friendly production practices. By combining the latest technology with AI-powered solutions, it aims to develop high-performance shoes that are affordable for all.
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Capital infusion will be used for investments in brand, distribution, people and supply chain infrastructureOur vision has been to create a versatile brand that believes in offering comfortable and stylish footwear that costs less than half of the ones offered by popular global giants. This funding has come at a crucial time and will help us invest in new technology to build new product propositions and build scale,” said Ahmad Hushsham, Founder, Yoho.
According to the company, a recent study by Maximise Market Research projected the Indian footwear market to be about $13.49 billion and is growing at a compound annual growth rate of 12.83 percent.
“India’s digitally native segment has the potential to take the global market by storm at the back of an aggressive consumer-centric product innovation strategy, and this is a space that we have been extremely passionate about. Yoho’s focus on bringing affordability to high-quality footwear can transform the way consumers perceive the impact of the right type of footwear on feet health.”, addedArchana Jahagirdar, Managing Partner, Rukam Capital.
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