Founded in 2019 by Krutika Lal and Satyajit Mittal, Aretto which makes sustainable children's footwear has got investments from ace cricketer Hardik Pandya. The startup boasts a unique proposition – shoes that seamlessly adapt to the growing size and shape of kids' feet.
This unique approach to footwear has garnered attention and investment from various quarters. Aretto's recent announcement of raising USD 550k in a seed funding round signals a significant step forward in its mission to redefine sustainable fashion movement.
Strategic Infusion of Capital for Expansion and Innovation
The infusion of USD 550k in seed funding comes from a range of notable investors, including cricketer Hardik Pandya and a consortium of angel investors with diverse industry backgrounds. Among the supporters are Abhineet Singh, Co-founder of the multi-brand sneaker company VegNonVeg, Shyam Raichura, MD of Aan Group, Raunak Munot, Ex-CMO of Bombay Shaving Company, investment banking firm Vermont Advisors, Vinayak Shrivastav, Co-founder of Videoverse, and Kunal Sumaya, MD of Julius Bear.
“It is rare to come across a company that has a truly innovative product, in a big addressable market, that has the potential to redefine a category, globally. The fact that Aretto’s products are designed and made in India instils a sense of pride in me,” said Raunak Munot.
This funding will enable the startup to achieve multiple strategic goals. It encompasses expanding the brand's market presence, strengthening its workforce, and intensifying research and development endeavors to introduce innovative new products that align with the company's sustainable ethos.
“Each investor is a mentor in their own capacity and a well-wisher of the brand, sharing our larger vision and belief in the team’s determination and grit. This seed funding is not only a testament to our investors’ confidence in our innovative kid’s technology, but it also reiterates our commitment to revolutionizing the industry,” said Satyajit Mittal, CEO, Aretto in a statement.
Innovative Footwear for Growing Feet
Aretto's innovative footwear technology has garnered praise for its ability to adapt to the changing needs of growing children. This utility patent-protected design has positioned Aretto as a trailblazer, with its shoes capable of expanding up to three sizes in response to the child's foot size.
Pioneering a Niche in the Footwear Market
The utility patent from the Indian Patent Office has placed Aretto among the select few globally that have successfully realized this technology. The company's dedication to innovation has propelled it to carve out a niche within the vast Indian footwear market, which was valued at USD 13.49 billion in 2021. The foundation laid by Aretto's technology and sustainable approach bodes well for the brand's prospects in this dynamic market.
Expanding Horizons and Retail Footprint
Founded in 2019, the startup plans to inaugurate its first retail store in Pune, marking a significant step in its trajectory. This strategic move signals Aretto's intent to engage directly with its customers and provide them with an immersive experience. The retail expansion will also extend to encompassing multiple stores in key metropolitan cities, further broadening its outreach. Additionally, Aretto intends to collaborate with multi-brand outlets, enabling the brand to cater to a diverse and widespread customer base across India.
According to the market research firm IMARC, the Indian footwear market reached USD 15.1 billion in 2022 and is projected to surge to USD 31.2 billion by 2028.