D2C Footwear Brand Yoho Raises Rs 27 Cr in Pre-Series B Round
Direct-to-consumer (D2C) footwear brand Yoho has successfully secured Rs 27 crore (approximately $3.2 million) in a pre-Series B funding round. This investment was led by Gulf Islamic Investments (GII) and saw participation from prominent figures such as Rajeev Misra, CEO of SoftBank Investment Advisers; Vijay Shekhar Sharma, CEO of Paytm; Rukam Capital; and Pankaj Chaddah, Founder of Shyft.
This recent influx of funds brings the total capital raised by the Delhi-based startup to over Rs 47 crore (roughly $5.6 million) to date. Previously, Yoho had raised Rs 20 crore in a Pre-Series A round in 2022 with Rajeev Misra, Rukam Capital, and Vijay Shekhar Sharma playing significant roles.
Strategic Use of Funds
The newly acquired capital is earmarked for propelling Yoho’s growth and fostering innovation, with a specific focus on research and development. This strategic investment is poised to enhance product offerings and elevate customer experiences, which aligns with Yoho’s vision to drive growth and maintain its market competitiveness.
Since its inception, Yoho has achieved significant milestones, including the sale of over 1 lakh pairs of footwear. This marks a substantial presence in the market, with its products available on prominent e-commerce platforms such as Amazon, Flipkart, Myntra, and Tata 1mg, as well as its own website.
Expanding Offline Presence
Beyond its online success, Yoho is ambitiously planning to fortify its offline presence across India. The brand aims to collaborate with 2,000 Multi-Brand Outlets (MBOs) in tier I and tier II cities, extending its reach to a broader audience. This significant expansion is set to be complemented by the launch of exclusive brand outlets (EBOs), which are designed to offer an enriched customer experience.
Innovative Use of Technology
Yoho’s expansion strategy incorporates the innovative use of technology to revolutionize customer interactions. This includes the integration of artificial intelligence (AI) to address common fitting issues, thereby reducing product returns and optimizing inventory management. By leveraging AI, Yoho plans to refine its operations and deliver an enhanced, personalized footwear shopping experience to its customers.
Yoho’s continued success and strategic development initiatives signify a promising future for the brand in both the digital and physical retail sectors. The effective use of its new funds promises not only growth in revenue but also in customer satisfaction and loyalty.
With these developments, Yoho is positioned to become a significant player in the D2C footwear industry, marking a path of innovation and expansion in the ever-evolving marketplace.
