Venture Catalysts, India’s leading integrated incubator, has announced that it has invested an undisclosed amount of funds in Flip Flop Hub, India’s leading specialty retail chain of flip flops and sandals in the mid-market space. The company retails a wide variety of international flip flop brands, including a number of exclusive ones, through its network of 20 locations spread across the country and online at www.flipflophub.com.
Originally incorporated in June 2016 by Gaurav Agarwal & Yashesh Mukhi, to market and sell Brazil’s Rider sandals, one of the leading men’s flip flop brands globally, Flip Flop Hub wants to service this rapidly growing category as use cases of flip flops expand within the young demographic that dominates the Indian market.
While both ends of the market are dominated by large players, mass market brands priced between ₹49-₹499 and the premium brands with price points above ₹2,000, there is a void in the potentially large mid-market space (₹500-₹2000). Zoris, the company’s flagship brand, has been developed to fill this void. Zoris will offer a full range of comfortable and stylish flip flops, using proprietary materials and technologies, for both men and women. Zoris’ products will embody the characteristics of the free spirited and independent modern day consumer, thereby developing a strong connect with them.
Commenting on the investment, Dr. Apoorv Ranjan Sharma, Co-founder and President of Venture Catalysts, said, “Flip Flops are a rapidly growing category in the footwear domain, registering a YoY growth of 25%. However, there are not many dedicated players catering to the biggest customer base in the category that of the mid-market price segment. Flip Flop Hub, with its high quality products priced perfectly to appeal to the target audience has significant business potential to grow and generate revenues quickly. Its aggressive vision of expansion to register a strong presence across 200 premium locations spread all over the country, including areas such as airports and fitness centers, adds further promise. We are extremely hopeful of FlipFlopHub becoming a successful enterprise to add on to VCats’ legacy of identifying and mentoring the best business ideas.”
Yashesh Mukhi, Co-Founder Flip Flop Hub said, “The faith placed in our company by Venture Catalysts and its members will provide an added impetus in our vision to become India’s leading flip flop player and brand of choice for our customers. We are excited to have been provided the opportunity to have as our fellow stakeholders some of India’s brightest minds and most successful entrepreneurs. We look forward to embarking on the next phase of growth in our exciting journey and encourage everyone to ‘Live Freely.’”
Co-Founder Gaurav Agarwal further elaborated: “We see a vacuum of strong flip flop brands in the mid-market segment. With the flip flop category becoming more aspirational, especially amongst the growing youth population of India, we see an opportunity to become the flip flop player of choice for this segment. The consumption patterns for flip flops is changing and it is being increasingly seen as a lifestyle, travel and after sport product. This change will lead the growth for us to penetrate the Tier 1 and Tier 2 retail markets as well.”