D2C footwear start-up Yoho raises Rs 20 cr in pre-series A funding

D2C footwear start-up Yoho has raised Rs 20 crore in pre-series A funding led by Rajeev Mishra, CEO of Softbank Vision Fund, Rukam Capital, and Vijay Shekhar Sharma, founder of Paytm, along with participation from other investors.

Funds will be used by the company to create capabilities for new product propositions and sustainable manufacturing standards.

“India’s potential in the consumer segment is still relatively untapped, especially in fast-moving product categories. I believe Yoho will fill a huge void in the Indian footwear market by building scientifically designed footwear at affordable prices for discerning Indian consumers,” said Rajeev Misra, CEO, Softbank Vision Fund.

“With strong in-house R&D, the right price point, and a compelling product offering, I can see Yoho becoming a preferred comfortable footwear brand not just in India but eventually in global markets as well,” he added.

Yoho aims to leverage state-of-the-art technology and AI-powered solutions to manufacturing, and amalgamate it with the ‘science of feet’ to create high-performance footwear that is affordable for all, the firm said in a statement.

“We are here to ensure all of us get comfortable as well as affordable footwear that’s right for us. We hope to combine the power of technology and IoT along with the science of feet to make footwear that our feet deserve,” said Prateek Singhal, founder of Yoho.

With their trademarked Footpharma technology, Yoho has already patented designs with some leading universities in footwear and now aims to capture a segment of the Indian footwear market that is estimated to be a $13.49 billion market, with the total revenue growing at a rate of 12.83 per cent CAGR as per a recent report by Maximise Market Research, the statement said.

“Ever since the inception of Yoho, our vision has been to create a versatile brand that believes in offering comfortable and stylish footwear that cost less than half of the ones offered by popular global giants. This funding has come at a crucial time and will help us to invest in new technology to build new product propositions and build scale,” said Ahmad Hushsham, founder of Yoho.