New-age fashion brand House of Rare (Rare Rabbit) has raised Rs 50 crore (around $6 million) from its existing investor, A91 Partners. This funding follows just seven months after its previous $18 million round.
According to a regulatory filing with the Registrar of Companies, House of Rare's board has approved the issuance of 23,073 preference shares at a price of Rs 21,670 each to raise the Rs 50 crore.
In January, the company increased its authorized share capital, citing the need for funds to support its expansion and working capital requirements, as per a separate resolution.
This funding round has increased A91 Partners' holdings in the company to 14.17%, in comparison to 9.65% in the previous funding round. It was estimated by sources that the funds were raised at a flat valuation of $279 million for the Bangalore-based company.
Rare Rabbit is a premium fashion brand that offers designer clothing for both men and women. The brand has more than 100 stores in India and also sells its collection online.
In FY24, Rare Rabbit grew by 69% in revenue from Rs 376 crore in FY23 to Rs 636 crore. Rare Rabbit more than doubled its profit from Rs 32.2 crore in FY23 to Rs 74.6 crore in FY24.
Rare Rabbit competes with brands like Souled Store, which raised around $30 million and generated Rs 355 crore in revenue in FY24. Other rivals include Snitch and WROGN, which secured $13 million and $15 million in funding, respectively, in late 2023.
.jpg "Exclusive: A91 Partners Invests in Rare Rabbit's Latest Funding Round")
