Chennai: Tamil Nadu-based footwear manufacturer R2sportswear will raise about Rs 100 crore next year for expansion. The company has already raised Rs 45 crore funding from the founding family of Indian apparel brand Go Colors.
“We have invested about Rs 50 crore already into this business and we are planning to raise Rs 100 crore in another round in FY28. While it sells 40,000 – 50,000 pairs every month, it is targeting to market a million pairs next year. “We have set a revenue target of Rs 100 crore this year and touch a turnover of about Rs 190 crore next year.
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The funding is mainly for marketing activities and increasing our manufacturing capabilities,” its founder Pullela Gopalakrishna Bachi said. Though we have got some inquiries for exports, we wanted to stay focused on the domestic market,” he added. Download the TOI App.
It makes premium footwear under its brand State of Joy and launched Anatom, a new footwear product, here on Monday.