The round also saw participation from Rukam Capital and angel investors such as SoftBank Investment Advisers CEO Rajeev Misra, Paytm CEO Vijay Shekhar Sharma, and Shyft founder Pankaj Chaddah.
The funds will be used to support growth initiatives, research and development, marketing efforts, recruiting and offline expansion. It last raised Rs 20 crore in October 2022.
“Our core target audience is between 28 and 40 years old, who like color and style, value comfort and are not just into fashion,” co-founder Prateek Singhal told ET.
Founded in 2021 by Ahmad Hushsam and Singhal, the New Delhi-based startup offers a wide range of products, including casual wear and formal shoes for men and women.
Yoho competes with footwear startups like Solethreads and Neeman’s, backed by Fireside Ventures.
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The company aims to enhance its offline presence across India, targeting partnerships with 2,000 multi-brand outlets (MBOs) in Tier I and Tier II cities. Additionally, it plans to triple its product catalog to 300 styles by 2025. “Year on year, we are growing almost 300% and this year we aim to close with a total revenue of around Rs 90 crore.” Singhal said. “The footwear segment has grown almost 400% and the sneaker segment has grown around 180%, driving most of the growth.”
Yoho earns around 80% of its revenue from online channelswith 26-27% from their own website and the rest from other markets. The remaining 20% comes from offline sales.
The startup plans to expand to international markets including the Middle East, Africa and the United States early next year.
Commenting on the investment, Mohammed Al-Hassan, Co-Founder and Co-CEO of GII, said: “GII offers innovative growth financing solutions that address changing consumer preferences. “Yoho’s approach of combining biomechanical expertise with affordability points to a critical gap in the market that GII’s investment can address.”
“We see a significant gap in the consumer market for affordable, scientifically designed footwear that caters to the discerning Indian consumer. Yoho’s innovative approach, combining biomechanical expertise with accessibility, is precisely positioned to fill this gap,” said SoftBank’s Misra.
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