[Funding alert] Augmented reality enabled B2C startup Cub McPaws raises undisclosed amount in Pre-Seed round
Mumbai-based Cub McPaws, a direct-to-consumer brand that focusses on premium and comfortable merchandise for Generation Alpha – kids born after 2010, raised an undisclosed amount in its Pre-Seed round from Venture Catalysts.
The startup plans to use the funds to launch new product lines, scale up its distribution capabilities, and enhance its cutting-edge technology offering, apart from expanding its customer base. The startup also added that it will conduct hiring to on-board senior professionals, who will help the firm drive growth and brand building.
The B2C startup was founded by two ex-Pepperfry colleagues - Abhay Bhat, an Oxford MBA with 15 years of global work experience in technology and product management, and Kinnar Shah, a Chartered Accountant and ex-Head of Finance at Pepperfry.
Cub McPaws offers unique product lines which include Magic T-shirts, a first-of-its-kind AR-enabled clothing line, and Terra, a 100 percent chemical-free and organic range of clothing.
Kids retail is estimated to be a $20 billion industry in India. Around 93 percent of the market is unorganised, and Cub McPaws with its innovative offering is well placed to disrupt this lucrative space, the company said in a statement.
Cub McPaws has also raised capital from other influential angel investors including Ambareesh Murty, Founder and CEO, Pepperfry.com; Anuj Golecha, co-Founder of Venture Catalysts; and Robin Joffe, Partner at Frost & Sullivan, Japan, for Pre-Seed round. The company claims to have registered a 12x revenue growth in less than a year.
Apoorv Ranjan Sharma, Founder, Venture Catalysts, said,
“At Venture Catalysts, we have always aimed to support high-potential startups that are transforming the Indian market on the back of their innovative product offerings and services. We have also recently focussed our attention to startups emerging within the tech space, considering the immense prospects of the domain. Cub McPaws lies at the very intersection of our focus group and we hope this association will help them build the fastest growing AR clothing organisation in India. The market is still untapped, and considering Cub McPaws’s stellar offering, I believe they can be the leaders in this space in a very short span."
Abhay Bhat, Founder, Cub McPaws, said,
“When you are building a futuristic, next-gen brand, the quality of investors is of utmost importance. We are fortunate to have investors who believe in the vision behind Cub McPaws, and our ability to disrupt the market. The addition of Venture Catalysts to our list of investors further strengthens our position as a key player in the kids retail market."
(Edited by Suman Singh)