Direct-to-customer (D2C) online casual sneakers brand Flatheads announced that it has raised US$ 1 million (around 7.3 crore) in a funding round led by start-up investment platform We Founder Circle and Dexter Angels.
The pre-series A round also saw participation from other investors including Gaurav Kapur (TV presenter and founder, Oaktree Sports), Sahil Barua (cofounder, Delhivery), and Radhika Ghai (cofounder, ShopClues), Flatheads said in a statement released.
After this round, the total funding raised by Flatheads since its inception is US$ 1.5 million.
"The pandemic has accelerated the adoption of online D2C brands, and we are seeing supercharged growth with a focus on everyday comfort. "With the current fundraise, we aim to establish Flatheads as a lifestyle brand made in India for the world - by building the brand identity, expanding our presence internationally, and investing in product differentiation," said Utkarsh Biradar, Co-founder and CEO, Flatheads.
The brand plans to utilize the funds in international expansion and product differentiation in the market.
Flatheads was launched by Utkarsh Biradar and Ganesh Balakrishnan in 2018 as an online brand offering only men’s footwear. The brand had 25 SKUs during the initial years, launched 13 SKUs in November 2019 and two more in December 2019 and the price range of Flatheads shoes varies between Rs 2500 to Rs 3500.