Aretto, a startup specializing in kids’ footwear, has successfully secured $550,000 in a seed funding round. The investment comes from a notable group of backers, including renowned cricketer Hardik Pandya and various angel investors. Among these investors are individuals like Abhineet Singh, co-founder of VegNonVeg sneaker company, Shyam Raichura, Managing Director of Aan Group, Raunak Munot, former CMO of Bombay Shaving Company, as well as firms such as Vermont Advisors, and key figures like Vinayak Shrivastav and Kunal Sumaya.

Hardik Pandya Investing In Kids Footware Startup 'Aretto'

Aretto has developed a unique shoe technology that adjusts to the changing shape and size of kids’ feet as they grow. The raised capital will be strategically utilized to expand the company’s market presence, bolster its team, and further research and development efforts to introduce innovative new products. Satyajit Mittal, the CEO of Aretto, expressed gratitude towards the investors, highlighting their role as mentors who share the brand’s vision and belief in its determination.

Having been established in 2020, Aretto is set to open its inaugural retail store in Pune, with plans for additional store openings and collaborations with multi-brand outlets in key metropolitan areas across India. Raunak Munot praised Aretto’s inventive product and emphasized the sense of pride derived from its Indian design and manufacturing.

Aretto’s groundbreaking technology has earned the company a utility patent from the Indian Patent Office. This unique feature enables Aretto shoes to expand by up to three sizes, a milestone that distinguishes the brand globally and positions it as a trailblazer in the Indian footwear market, which was valued at $13.49 billion in 2021. Satyajit Mittal, Co-founder & CEO of Aretto, discussed the significance of this achievement in a previous interview.

According to IMARC, a reputable market research firm, the Indian footwear market reached a value of $15.1 billion in 2022. Forecasts suggest that this market will continue to grow, projected to reach $31.2 billion by 2028, showcasing an impressive compound annual growth rate (CAGR) of 12 percent during the period from 2023 to 2028.

Discover more from industrialfront

Subscribe to get the latest posts sent to your email.

Leave a comment

Your email address will not be published. Required fields are marked *