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Nikhil Kamath: Co-Founder At Zerodha
Fashion brand and startup Rare Rabbit is closing its first-ever funding round. That too of a ₹ 500 Cr deal, per The Economic Times.
Nikhil Kamath and Ravi Modi are likely to invest a whopping ₹150 crore alone.
The remaining ₹350 crore funding is led by A91 Partners, an investment agency.
About Rare Rabbit:
The brain behind Rare Rabbit is the husband-wife duo Akshika and Manish Poddar.
The Bangalore-based fashion brand was established in 2015 under Radhamani Textiles. Today, Rare Rabbit is valued at an estimated ₹2,200 crore.
Rare Rabbit has been self-funded thus far and stands as one of the most talked-about direct-to-consumer (D2C) brands in the fashion arena.
Initially, the company focused on apparel manufacturing for global giants like Zara before venturing into creating its own brand. Rare Rabbit, along with the premium women’s fashion brand Rareism and the everyday wear brand Articale, emerged as flagship offerings under the House of Rare.
With Manish leading as the creative director for Rare Rabbit and Akshika overseeing Rareism, the brand has flourished and is currently operating approximately 135 physical stores. Plans for aggressive expansion post-funding are underway, particularly targeting Tier-II and Tier-III cities alongside metro areas.
In terms of competition, Rare Rabbit stands alongside established players like Louis Philippe, Tommy Hilfiger, and Marks and Spencer, each showing good revenue figures.
The fashion brand was in talks with Tata Capital for funding last year, but the round fell through.
Rare Rabbit reported a revenue of over ₹600 crore in FY24, with an operating profit surpassing ₹100 crore, showing a growth surge of over 60% year-on-year.