New-age men’s apparel and fashion brand Rare Rabbit is closing its maiden institutional funding round of Rs 500 crore led by investment fund , multiple people in the know said. The fundraise will see participation from the family office of Ravi Modi, founder of that runs ethnic fashion brand , and ’s cofounder Nikhil Kamath. They are likely to invest around Rs 150 crore collectively.
A91 is expected to pump in the remaining Rs 350 crore. The transaction will see about Rs 250 crore in primary capital come into the company with the rest of it being a secondary share sale by the husband-wife duo of Akshika and Manish Poddar, according to people close to the deal. Rare Rabbit’s valuation is pegged at Rs 2,200 crore, these people said.
Bootstrapped till now, the brand is among the buzziest direct-to-consumer (D2C) brands to have emerged in the fashion segment. Queries sent to Poddar, Kamath, and A91 Partners did not elicit any response. Manyavar family office’s chief investment officer Siddhartha Saraf declined to comment.
According to one of the people cited above, Rare Rabbit clocked revenue of over Rs 600 crore in fiscal 2024, with an operating profit of more than Rs 100 crore. The topline figure marks over 60% year-on-year growth for the company, which reported Rs 376 crore in operating revenue for FY23. As per documents sourced from the Registrar of Companies, the firm reported a net profit of Rs 32 crore for fiscal 2023.
It has yet to file the FY24 financials. Indust.
