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Monrow Shoes & Accessories raises $1 million in funding

In a significant development, Monrow Shoes and Accessories, a homegrown women’s footwear brand best known for fusing fashion with comfort, has secured an additional 1 million Dollars as a super booster investment within one year of the previous round. With this investment, it has become the first women’s footwear brand that has raised capital twice within the same year of raising the first round. In the month of March 2021, the brand secured USD 1million in funding. This year, the company saw interest from investors such as LC Nueva Investment Partners along with existing investors such as 9 Unicorns, Let’s venture, and Vcats. Apart from that, 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 the investment team consisting of private equity industry veterans Sohil and Ashish Chand.
 
Monrow Shoes and Accessories will be utilising freshly infused funds to increase its market presence, expand its product portfolio, build the Monrow community, and strengthen its commitment to offering a world-class experience for customers through its innovative shoes and accessories. The brand has registered year-over-year growth of more than 2x the previous turnout in spite of two harsh pandemic waves alongside a 30% customer retention rate. With their tier 2 strategy, Monrow Shoes and Accessories has become the highest generator of sales per Sq.Ft. in modern offline retail options like the Future group. The brand’s impressive progress drew the attention of existing investors, prompting them to double their investment.

Commenting on the occasion, Veena Ashiya, Founder & 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 thrilled to have secured funding from our existing investors as well as additional funding round from LC Nueva. We believe that it reaffirms that we are on the correct path and growth trajectory. We already have a strong Product Market Fit, with our products being rated 4.3 out of 5, so we will use the funding for awareness generation. We envision the growth to be more than 3x in the coming year.”

Sohil Chand, LC Nueva Investment Partners LLP and LC Nueva AIF said, “ We believe that Monrow's omnichannel approach has positioned it well to capture a large market share. We are excited to partner with Veena Aishya who is a passionate and driven founder. She invests time and effort in building great products that are contemporary, yet versatile and relevant for the Indian consumer of different ages and lifestyles.”
 
Dr Apoorva Ranjan Sharma, Co-Founder, 9unicorns said “We have doubled the investment in Monrow, as the company has demonstrated a huge 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 philosophy of “you only live once”. The women’s footwear market standing at a value of 2.5 billion dollars has a lot of white spaces observing a very small number of brands being recoiled in the same. The apparel market has seen a branded ratio increasing and the same is envisioned for the market of shoes and accessories. Monrow holds a massive advantage being the first mover in this gambit with a faster pace than the rest. Hence, the brand aspires to dominate the Indian fashion space by positioning itself as a new-age, comfort-focused brand for the millennial generation.
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