Rare Rabbit has secured the initial installment of its INR 500 Crore investment, receiving INR 150 Crore from A91 Partners, Gruhas (Nikhil Kamath’s investment firm), Ravi Modi’s family trust, and other investors. This funding round values the company at a pre-money valuation of INR 2,200 Cr (approximately $264 Mn).
The overall funding round will include a primary investment of INR 250 Crore, with the remaining sum to be completed in a subsequent transaction, during which Akshika and Manish Poddar will sell shares.
Financial Performance
In the financial year 2022-23 (FY23), Rare Rabbit reported significant growth:
| Metric | FY23 | FY22 | YoY Growth |
|---|---|---|---|
| Operational Revenue | INR 376 Cr | INR 212.5 Cr | 77% |
| Net Profit | INR 32.2 Cr | INR 17.5 Cr | 84% |
| Total Expenditure | INR 338.7 Cr | INR 196.6 Cr | 72% |
About Rare Rabbit
Founded in 2015 by Manish Poddar and Akshika Poddar, Rare Rabbit is a division of Radhamani Textiles, based in Bengaluru. The House of Rare, the parent company, manages three distinct brands:
- Rare Rabbit: A flagship brand offering women’s fashion wear.
- Rareism: Specializes in women’s fashion.
- Articale: Focuses on everyday wear.
The company’s rapid growth and strategic investments position it for further expansion in the competitive fashion industry.
FAQs
What is the total amount of funding Rare Rabbit has raised?
Rare Rabbit has raised INR 150 Crore as the initial installment of a planned INR 500 Crore investment.
Who led the funding round for Rare Rabbit?
The funding round was led by A91 Partners and Gruhas (Nikhil Kamath’s investment firm). Other participants included Ravi Modi’s family trust and additional investors.
What is the pre-money valuation of Rare Rabbit?
Rare Rabbit has a pre-money valuation of INR 2,200 Crore (approximately $264 million).
When was Rare Rabbit founded, and by whom?
Rare Rabbit was founded in 2015 by Manish Poddar and Akshika Poddar.
Avinash Dyal