Rare Rabbit raises Rs 50 crore from A91 Partners

Apparel brand Rare Rabbit has raised Rs 50 crore from its existing investor A91 Partners in return for 23,073 shares at the business, valued at Rs 21,670 per share. The deal has pushed Rare Rabbit’s valuation up to $279 million. 

Rare Rabbit’s parent company Radhamani Textiles Private Limited received the funds in exchange for the shares in a deal that follows on from its Rs 150 crore funding round which it held last summer and also involved A91 Partners, Indian Startup News reported. Following the Rs 50 crore investment, A91 Partners now holds a 14.17% stake in the business, according to Entrackr, which sourced its data from the Registrar of Companies. 

Rare Rabbit has reported rising consumer demand for its products and now counts over 100 brick-and-mortar stores across India, Apparel Resources reported. The brand plans to continue to widen its reach in the country with an omni-channel approach. 

Entrepreneurs Manish Poddar and Akshika Poddar launched Rare Rabbit in 2015 as a premium men’s apparel brand. The business then expanded into womenswear with the launch of Rareism and children’s wear with its label Rare Ones, all of which fall under its House of Rare business. Other previous investors in the business include Vedant Modi, the Ravi Modi family trust, Gruhas, and NkSquared.