Startup funding: Kids footwear startup Aretto on Friday announced raising $550k in a seed funding round from cricketer Hardik Pandya and other angel investors. These included Abhineet Singh (Co-founder of multi-brand sneaker company VegNonVeg), Shyam Raichura (MD of Aan Group), Raunak Munot (Ex-CMO of Bombay Shaving Company), investment banking firm Vermont Advisors, Vinayak Shrivastav (co-founder Videoverse), and Kunal Sumaya (MD of Julius Bear).
Aretto makes shoes that adapt to the shape and size of kids’ feet as they grow. The company said it will deploy capital to expand its market presence, expand its team, and enhance research and development to launch new products.
“Each investor is a mentor in their own capacity and a well-wisher of the brand, sharing our larger vision and belief in the team’s determination and grit. This seed funding is not only a testament to our investors’ confidence in our innovative kid’s technology, but it also reiterates our commitment to revolutionizing the industry,” said Satyajit Mittal, CEO, Aretto in a statement.
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Found in 2020, the company plans to open its first retail store in Pune and expand with more stores along with partnering with multi-brand outlets in key metropolitan cities catering to a wider customer base in India.
“It is rare to come across a company that has a truly innovative product, in a big addressable market, that has the potential to redefine a category, globally. The fact that Aretto’s products are designed and made in India instils a sense of pride in me,” said Munot.
Aretto holds a utility patent from the Indian Patent Office for its sole technology that allows Aretto shoes to expand up to three sizes according to the size of the kid’s feet. “This makes Aretto one of the first in this segment in the world to reach this milestone, allowing the brand to carve a niche for itself in the country’s footwear market valued at $13.49 billion in 2021,” Satyajit Mittal, Co-founder & CEO had told FE in March this year in an interaction.
According to market research firm IMARC, the India footwear market size reached $ 15.1 billion in 2022 and is expected to reach $31.2 billion by 2028, exhibiting a growth rate (CAGR) of 12 per cent during 2023-2028.