Indian direct-to-consumer (D2C) fashion retailer Rare Rabbit has announced an initial investment of Rs 150 Crore out of a planned Rs 500 crore funding round, as per media reports. This round was led by Nikhil Kamath’s investment firm Gruhas, Mumbai-based A91 Partners, and the family office of Vedant Fashion Founder Ravi Modi, among other investors.
According to media reports, the substantial investment follows recent speculation regarding Rare Rabbit’s intent to secure Rs 500 Crore in funding. The funding structure includes a primary influx of Rs 250 Crore, with the remaining amount designated for secondary transactions involving co-founders Akshika Poddar and Manish Poddar selling shares, as per media reports.
Data from Tracxn reveals that House of Rare and Rare Rabbit, subsidiaries of Radhamani Textiles reported a combined revenue of INR 381 Crore for the fiscal year 2022-23. The company also announced a net profit of Rs 32.2 Crore for FY2022-23, marking an impressive 84 per cent increase from the previous fiscal year.
