Local shoe startup, Monrow Shoes & Accessories, raised an additional $1 million in funding led by LC Nueva, 9Unicorns and others.

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Local shoe startup, Monrow Shoes & Accessories, raised an additional $1 million in funding led by LC Nueva, 9Unicorns and others.

Posted May 19, 2022

Followed by the $1 million raised in March 2021, the brand became the first women’s shoe brand to raise funds twice in one year.

In a significant development, Monrow Shoes and Accessories, a local women’s footwear brand known for fusing fashion with comfort, secured an additional $1 million as a super boost investment in the year following the previous cycle. With this investment, it became the first women’s shoe brand to raise capital twice in the same year after raising the first round. In March 2021, the brand secured $1 million in funding. This year, the company has attracted interest from investors such as LC Nueva Investment Partners as well as existing investors such as 9 Unicorns, Let’s venture and Vcats. Apart from this, Playbook Fund has also invested in the brand for the first time. The LC Nueva Alternative Investment Fund (AIF) is a partnership between Delhi-based Nueva Capital and Singapore-headquartered Lighthouse Canton, with an investment team comprised of private equity industry veterans Sohil and Ashish Chand.

Monrow Shoes and Accessories will use freshly infused funds to grow its market presence, expand its product portfolio, grow the Monrow community and reinforce its commitment to providing a world-class customer experience through its innovative footwear and accessories. The brand saw year-over-year growth of more than 2x the previous engagement rate despite two severe pandemic waves and a 30% customer retention rate. With their Tier 2 strategy, Monrow Shoes and Accessories has become the biggest generator of sales per square foot. in modern offline retail options like the Future Group. The impressive progression of the brand caught the attention of existing investors, prompting them to double their investment.

Commenting on the occasion, Veena Ashiya, Founder and CEO of Monrow Shoes and Accessories, said, “Passion certainly pays off; through Monrow shoes and accessories, we want to show the world that if one is passionate about what they want to achieve, success and monetary returns will follow. We are delighted to have secured funding from our existing investors as well as an additional funding round from LC Nueva. We believe it reaffirms that we are on the right path and on the right growth trajectory. We already have a strong product market fit, with our products rated 4.3 out of 5, so we will use the funding for outreach. We expect more than 3x growth in the coming year.

Sohil Chand, LC Nueva Investment Partners LLP and LC Nueva AIF said, “We believe Monrow’s omnichannel approach has positioned it well to capture a large market share. We are delighted to partner with Veena Aishya who is a passionate and driven founder. She invests time and effort in creating excellent products that are contemporary, versatile and relevant to the Indian consumer of different ages and lifestyles.

Dr. Apoorva Ranjan Sharma, co-founder of 9unicorns, said: “We have doubled down on the investment in Monrow as the company has demonstrated tremendous growth and the total accessible market is extremely large in this category.

Founded in 2016 by award-winning entrepreneur Veena Ashiya, Monrow Shoes and Accessories adheres to the ‘you only live once’ philosophy. The $2.5 billion women’s footwear market has a lot of white space, observing a very small number of backward brands in the same. The clothing market has seen an increase in brand ratio and the same is being considered for the footwear and accessories market. Monrow holds a huge advantage being the first player in this bet with a faster pace than the others. Hence, the brand aspires to dominate the Indian fashion space by positioning itself as a new-age comfort-focused brand for millennials.

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