Exclusive: D2C Brand INCLUD Nets INR 25.4 Cr From 3one4 Capital, Incubate Fund

D2C kidswear brand INCLUD has raised INR 25.4 Cr ($2.9 Mn) in its pre-Series A round led by 3one4 Capital. The round also saw participation from existing investor Japanese VC firm Incubate Fund Asia.

According to INCLUD’s MCA filings, it raised the amount in two tranches. While 3one4 Capital invested INR 21 Cr in the startup, Incubate Fund Asia infused INR 3.63 Cr.

The funding was raised at a pre-money valuation of INR 91.4 Cr. However, it couldn’t be ascertained if this funding is part of a larger round.

Questions sent to INCLUD did not elicit any response till the time of publishing this story.

Founded in 2023 by Ashwin Rastogi, INCLUD sells clothes for children aged up to 14 years. It claims that all its outfits are made from 100% cotton.

INCLUD sells the products via its own website and marketplaces like Myntra. 

Prior to this, the Gurugram-based brand raised $1.5 Mn in April last year from Incubate Fund Asia, Escape Velocity, Tracxn cofounder Abhishek Goyal, and IIM Indore Alumni Angel Fund.

INCLUD competes with the likes of Zip Zap Zoop, Kidbea, Ed-a-Mamma, Nap Chief, among others, in the children’s fashion market in India, which is expected to record a revenue of $24.1 Bn in 2025. This market is expected to grow 2.63% every year between 2025 and 2029.

Driving this growth is the growing influence of social media on parenting choices and rising disposable incomes. As a result, several startups in the segment are focusing on differentiation to gain market share. 

While Kidbea claims to offer sustainable and fashionable dresses by using bamboo as raw material,  Nap Chief offers home and playwear that it claims to be both comfortable and stylish.