Akshata Sharma
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After months of speculation, D2C fashion brand Rare Rabbit has secured the first tranche of its INR 500 Cr investment. According to the startup's regulatory filing, it received INR 150 Cr (about $18 Mn) from A91 Partners, Nikhil Kamath's investment firm Gruhas, and Ravi Modi's family trust (promoter of Manyavar), among others
According to Inc42 estimates, the startup raised the funding at a pre-money valuation of INR 2,200 Cr (about $264 Mn).
Founded in 2015 by Manish Poddar and Akshika Poddar, The House of Rare operates Rare Rabbit, women's fashion wear brand Rareism, and everyday wear brand Articale.
The funding was expected to have a primary influx of INR 250 Crores and the remaining amount to be considered a secondary transaction which involved husband-wife duo co-founders of Rare Rabbit, Akshika Poddar and Manish Poddar to sell shares, as reported by Inc42.
According to data from Tracxn, House of Rare and Rare Rabbit, both subsidiaries of Radhamani Textiles Private Limited, reported a total revenue of INR 381 Crore for FY2022-23. The brand also announced a positive in numbers with a net INR 32.2 Crore for FY2022-23, which is a significant rise of 84 per cent from the previous FISCAL year.
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