[Funding alert] Ecommerce startup Soxytoes raises investment from Gurugram-based angel network
Socks ecommerce startup Soxytoes has raised an undisclosed round of investment from Gurugram-based angel network.
According to a statement released by the startup, the investment will be deployed by Soxytoes for digital marketing, increasing its kiosk network, expanding into international markets, and launching new product lines such as personalised and kids socks.
Commenting on the investment, Vidushi Kanoria, Co-Founder of Soxytoes, said,
“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 customised 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.”
Launched in 2018 by Vidushi Kanoria and Aayush Goenka, Soxytoes is an omnichannel brand that sells noticeable socks, performance enhancing athletic socks, health socks for diabetics, no shows, and socks especially engineered for travel. Its range of products are claimed to be pure cotton-based, infused with the goodness of natural essential oils, with the help of micro-encapsulation technology. Besides fragrances like lime, green apple, and fragrant sandalwood it also offers infusions of cooling and energising mint oils and aloe vera to help soften and moisturise the feet.
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.”
Since inception, Soxytoes claims to have sold over one lakh pairs across various online and offline channels including through its own website. Other channels include ecommerce marketplaces like Myntra and Amazon, apart from kiosks in leading malls and pop-ups at events such as Lil flea and Comicon.
(Edited by Evelyn Ratnakumar)
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