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Economic Times
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Footwear startup Yoho bags Rs 27 crore, eyes offline and international expansion
- Direct-to-consumer footwear startup Yoho has raised Rs 27 crore in a funding round led by Gulf Islamic Investments.
- Participation from Rukam Capital and angel investors like Paytm CEO Vijay Shekhar Sharma and SoftBank Investment Advisers CEO Rajeev Misra.
- The startup offers a diverse range of products, including casual wear and formal shoes for both men and women.
- Funds will be used to support growth initiatives, research and development, marketing efforts, recruitment, offline expansion.
- Yoho aims to enhance offline presence across India, targeting partnerships with 2,000 multi-brand outlets in tier I and II cities.
- The company plans to expand its product catalogue threefold to 300 styles by 2025.
- Yoho gets about 80% of its revenue from online channels, with remaining 20% from offline sales.
- Yoho last raised Rs 20 crore in October 2022.
- The startup plans to expand into international markets including the Middle East, Africa, and the US by early next year.
- Yoho's approach of combining biomechanical expertise with affordability targets an important void in the market, says SoftBank CEO Rajeev Misra.
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