Following months of expectation, D2C fashion brand Rare Rabbit has secured the first portion of its Rs. 500 crore investment round from investors like A91 Partners, Gruhas by Nikhil Kamath, & the family trust of Ravi Modi, promoter of Manyavar. This investment marks the startup’s estimation at a pre-money figure of Rs. 2,200 crore, as per estimates. A91 Partners spearheads the funding, with offerings also coming from Nikhil Kamath and Ravi Modi’s family office, co-founder of Zerodha.
The investment round allegedly includes a key infusion of Rs. 250 crore, added by a secondary deal where founders Akshika and Manish Poddar will sell their shares. Established in 2015 by the Poddars, The House of Rare runs Rare Rabbit, women’s brand Rareism, and daily wear brand Articale.
For the FY 2022-23 (FY ’23), Rare Rabbit attained a 77 per cent year-on-year rise in operating revenue to Rs. 376 crore, with net profit increasing by 84 per cent to Rs. 32.2 crore. The startup’s entire expenditure increased by 72 per cent to Rs. 338.7 crore from Rs. 196.6 crore in FY ’22. Rare Rabbit seemingly expects profits of Rs. 600 crore for FY ’24, although official results are yet to come.
