Bangalore-based Direct-To-Consumer (D2C) online brand Flatheads has announced that it has raised $1 million in pre-series A round funding.
Led by We Founder Circle (WFC) and Dexter Angels the round also saw the participation from other marquee investors including Gaurav Kapur (TV presenter and founder of Oaktree Sports), Sahil Barua (Co-founder, Delhivery), and Radhika Ghai (Co-founder, ShopClues).
“The company plans to utilize funds in international expansion and product differentiation in the market. Including the current round, Flatheads has raised a total of USD 1.5 Mn since its inception,” the statement said.
Speaking on the investment in Flatheads, We Founder Circle’s Co-founder Neeraj Tyagi said, “Flatheads have a product innovation focus which has resulted in amazingly lightweight & comfortable shoes. They have taken a tough road by choosing to sell from their website aggressively while using big marketplaces also.”
“As a result, they have created unique value by making their online website also a popular platform to launch multiple product lines in the future,” Tyagi added.
Commenting on the fundraise, Utkarsh Biradar, Co-founder & CEO of Flatheads said, “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 fundraising, 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.”
Further adding to the statement, Tushar Agrawal, Partner at Dexter Angels said, “We at Dexter Angels believe the next decade holds tremendous scale-up potential for innovative D2C brands and we are really glad to add Flatheads into our portfolio. They have built a ‘Made in India’ brand with world-class quality leveraging their innovative DNA. The passion and customer-centricity of founders convince us that they are on the path of building India’s most loved D2C footwear brand”.