As per reports, the startup Rare Rabbit clocked a revenue of Rs. 600 Cr in FY24. It is yet to file its financial results for the year with the Ministry of Corporate Affairs.

As per Inc42 data, the startup raised the financing at a pre-money valuation of Rs. 2,200 crore (about $264 million). Rare Rabbit’s income rose 77% YoY to Rs. 376 crore in FY23, while benefit hopped 84% to Rs.32.2 crore D2C.

Fashion brand Rare Rabbit has received the first tranche of its Rs. 500 crore investment, ending months of speculation. A91 Partners, Nikhil Kamath’s investment firm Gruhas, Ravi Modi’s family trust (promoter of Manyavar), and others contributed Rs. 150 crore (approximately $18 million) to the startup, according to its regulatory filing.

The startup received funding from Inc42 at a pre-money valuation of Rs. 2,200 crore, or approximately $264 million. Last month, it was first reported that Rare Rabbit wanted to raise Rs. 500 million in its first Funding round. The family office of Ravi Modi, Founder of Vedant Fashions, which runs the ethnic fashion brand Manyavar, and Zerodha cofounder Nikhil Kamath were said to have participated in the funding round, which was led by A91 Partners.

According to the reports, the initial infusion for the funding round would be Rs. 250 crore. The husband-and-wife team of Akshika and Manish Poddar were going to sell shares for the remaining amount in a secondary transaction.

Established in 2015 by Manish and Akshika Poddar, The House of Rabbit operates Rare Rabbit, ladies’ style wear brand Rareism, and ordinary wear brand Articale.

The startup’s operating income hopped 77% year-on-year (YoY) to Rs. 376 crore in the monetary year 2022-23 (FY23), while net benefit became 84% to Rs. 32.2 crore. The total amount spent during the year was Rs. 338.7 crore, up 72% from Rs. 196.6 crore in FY22. According to reports, the startup timed an income of Rs. 600 crore in FY24. It is yet to record its monetary outcomes for the year with the Ministry of Corporate Undertakings.