Yoho Secures New Funding Round for Expansion
Yoho, a direct-to-consumer footwear brand, has successfully completed a new funding round with participation from both new and existing investors. This funding encompasses Rs 15 crore in equity and Rs 8 crore in debt, spearheaded by Gulf Islamic Investments (GII) alongside Rajeev Misra, who formerly led SoftBank Vision Fund. This round also attracted contributions from notable investors such as Vijay Shekhar Sharma, the founder of Paytm, among others.
The Delhi-based brand had earlier raised Rs 20 crore during a Series A funding round, which took place in October 2022. This round was also led by returning investors, including Rajeev Misra from SoftBank Investment Advisers, Rukam Capital, and Vijay Shekhar Sharma. Additionally, in October 2024, they secured Rs 27 crore (approximately $3.2 million) in a pre-Series B round, again led by Gulf Islamic Investments.
Utilising Funds for Growth
Yoho plans to channel the newly acquired funds into expanding its offline retail presence and enhancing its performance running range, as indicated in a recent press release.
Background of Yoho
Founded in 2021 by Ahmad Hushsham and Prateek Singhal, Yoho states that it has sold over three million pairs of footwear through its own website as well as major e-commerce platforms such as Amazon, Myntra, Flipkart, Ajio, and Nykaa. The brand has also made its mark on quick commerce platforms including Blinkit, Zepto, and Swiggy Instamart.
Market Insights and Future Plans
According to market analyses, the sneaker market in India is anticipated to hit $6 billion by the fiscal year 2032. On the offline side, Yoho is aiming to forge partnerships with 2,500 Multi-Brand Outlets across tier I and tier II cities. Furthermore, the company intends to expand its Exclusive Brand Outlets which will leverage AI-driven solutions to tackle fitting problems, minimize returns, and enhance inventory management.