Quirky sock-brand Soxytoes Raises An Angel Round Of Funding
The funding will be used to ramp up operations and establish brand presence outside India, among other things
Soxytoes, one of India’s leading sock brands, recently raised an angel round from a Gurgaon-based angel network. The funding will be used for digital marketing, increasing their kiosk network, expanding into international markets and launching new product lines such as personalized and kids socks.
Soxytoes is an omnichannel brand that was launched in 2018. The brands’ current product range includes noticeable socks, performance enhancing athletic socks, health socks for diabetics, no shows and socks especially engineered for travel. Their unique range of socks, which are pure cotton-based, include socks infused with the goodness of natural essential oils, with the help of micro-encapsulation technology. Besides fragrances like lime, green apple, and fragrant sandalwood they offer infusions of cooling & energizing mint oils and aloe vera to help soften and moisturize the feet.
Speaking about this, Vidushi Kanoria, Co-Founder Soxytoes, said, “We are happy to have raised this seed funding from some of India’s leading angel investors. While innovation has in some way or the other tweaked our clothes and accessories, socks have remained neglected. Soxytoes addressed this space and our ‘noticeable’ socks are transformational, and an orbit-shifting innovation. We have a cutting-edge product line which is customized according to each use case. We have been able to disrupt a previously sober and boring category and the funding will help us expand our brand presence. We also aim to launch a new product line, among other things.”
Sorabh Agarwal, Angel Investor and ex-SMD, Copal Amba (acquired by Moody’s Analytics) said, “Soxytoes has a disruptive product line and addresses an area which is largely neglected. From youngsters to people with ailments such as diabetes, a very simple thing like a pair of socks can have a lasting impact. This idea resonated with us and we are happy to support the brand in their expansion.”
Hemant Dua, Angel Investor and Ex CEO Delhi Daredevils’s said, “We are happy to offer seed funding to Soxytoes for further expansion. With a never-before offering, it is a brand that adds tremendous value to the space they are in. We look forward to their continued growth.”
Vikas Bagaria, Angel Investor and Founder, Pee Safe, said, “This seed funding comes at a time when the brand has already established its niche in an unaddressed market. It will support them in scaling up and ensuring that their market reach expands. We wish them all the best in their journey ahead.”
Since inception, Soxytoes has sold over 100,000 pairs across various online and offline channels including through their website soxytoes.com. Other channels include ecommerce marketplaces like Myntra and Amazon, apart from kiosks in leading malls and pp-ups at events such as Lil flea and Comicon. With 20 years of experience in the sock industry, sock-preneurs Vidushi Kanoria and Aayush Goenka are confident of building Soxytoes into a 5 billion INR brand within the next 5 years.
Millennials have become the chief wage earners in most Indian households, with their income contributing to 70% of India’s total household income, according to a report by Morgan Stanley. The country will have the world’s youngest population by 2020, with a median age of 29, according to the investment bank. Brands are thus increasingly adapting their strategies to appeal to this category. With a consumer base comprising primarily of millennials, Soxytoes is set to grow into other cities and in terms of revenue over the next 5 years.