PNN
Gurugram (Haryana) [India], September 12: ONYC, which claims to be a "One-Stop Solution for Little Feet," is now on track to achieve a Rs 50 crore valuation in just 9 months. With an impressive Rs 10 crore ARR and a focused lineup of 40 SKUs, ONYC is redefining how parents approach children's footwear. This 9-month-old brand currently generates over 1,200 orders per day from its website and marketplaces.
"ONYC isn't just creating footwear; it's transforming the future of kids' footwear in India by offering ergonomically designed products that promote healthy foot development. The overwhelming love from our customers has resulted in over 20,000 positive reviews online, with an average rating of 4.5 stars. This support fuels ONYC's journey, and to meet the growing demand, we're set to launch our first Exclusive Brand Outlet (EBO) in December 2024. This marks a significant milestone as we expand our offline presence, with the goal of opening 17 new outlets over the next three years, guided by the success of our initial EBO" says Praval Pratap Singh, CEO & Co-founder of ONYC.
Ayush Singh, COO & Co-Founder adds, "Our recent launch of new articles has already contributed 16 per cent to our overall sales. With plans to introduce 40 more designs in the next three months, we're committed to expanding our product line and reaching more families. However, the fast pace of growth comes with challenges. Balancing rapid expansion with product consistency is something we're carefully managing. Despite these hurdles, our in-house manufacturing setup from day one has allowed us to maintain full control over quality and innovation. Our upcoming launches will be groundbreaking--introducing designs never before seen in India. We believe parents are going to love them!"
Mritunjay Prasad, CFO & Co-Founder proudly shares, "We became EBITDA positive in June 2024, which was a major milestone for us. With the recent introduction of BIS standards in the footwear industry by the government, we are focused on further enhancing our manufacturing capabilities and promoting 'Made in India' products."
Mritunjay also mentions that as ONYC continues to innovate and grow, the brand isn't without its learning curves. ONYC is currently operating with 45 days of inventory & rapid scaling has led to occasional stockouts, but he emphasizes that these growing pains are a natural part of building a business with high demand. "We're working toward raising capital that will help us build inventory and a strong team to ensure these temporary issues don't affect our long-term goals. It's a fine balance between scaling fast and maintaining consistency."
With over 30 years of combined experience among the co-founders--Ayush Singh and Mritunjay Prasad, who bring 8 years of footwear manufacturing expertise, and Praval Pratap Singh, who has a strong background as a founding team member and sales & marketing head at a unicorn company DealShare--ONYC is making a significant impact in the kids' footwear mark.
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