Venture firm Carpediem Capital led a $10 million (about Rs 83 crore) venture fundraising round for the historic footwear business Inc.5 Shoes, which featured participation from Param Capital and P3 Venture Fund. The valuation at which it raised the cash remained a secret. The Mumbai-based organization, which sells shoes at all price points and genders, has 74 stores of its own in addition to 200 other locations and websites.

Said Amin Virji, general director of Inc.5. Internet channels account for approximately 14% of total sales, with 40% coming from its own platform and the remainder from platforms such as Myntra and Ajio. The omnichannel retailer intends to use the capital raised to grow its store and storage footprint, expand into new categories, and improve its senior leadership. It plans to open 100 stores by March 2024 and then add 40-50 outlets per year after that. Among other things, the company wants to increase its warehousing capacity by more than 25,000 sq ft.

The corporation was founded in 1998 by the Mumbai-based Virji family and operates brands such as women's footwear-focused Inc.5, premium men's footwear brand Atesbe, and mid-range men's shoes brand Privo. According to Tracxn, the family held 95.6% of the company prior to the investment, with Amin Virji holding the largest portion of 46.9%. Amin's family also has four board seats, with Amin's father, Abdul Virji, serving as chairman. Carpediem Capital will have two board seats after the investment, according to Amin Virji.Virji stated that the company produced Rs 220 crore in revenue in 2022-23 with a 15% EBITDA margin. It achieved a net profit of Rs 4.6 crore on revenue of Rs 133 crore in 2021-22.