Nikhil Kamath, co-founder of Zerodha, and the Manyavar family office are reportedly preparing to join venture capital firm A91 in a funding round for the fashion brand Rare Rabbit. The brand is aiming to raise ₹500 crore, as reported by The Economic Times.
What Happened: Rare Rabbit, known for its distinct menswear, is planning to use the funds to expand its retail presence and enhance its digital footprint.
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The fundraise for Rare Rabbit will see participation from the family office of Ravi Modi, founder of Vedant Fashions, the company behind the ethnic fashion brand Manyavar, and Kamath. Together, they are expected to invest around ₹150 crore.
The transaction will bring approximately ₹250 crore in primary capital into the company, with the remainder coming from a secondary share sale by Akshika and Manish Poddar.
The valuation of Rare Rabbit is pegged at ₹2,200 crore. The report further said that Rare Rabbit reported over ₹600 crore in revenue for fiscal 2024, achieving an operating profit exceeding ₹100 crore. This marks a year-on-year growth of more than 60%, compared to ₹376 crore in operating revenue for FY23.
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