That’s when Manish Poddar planned to start Rare Rabbit to liberate men from their style prisons of pinstriped shirts. Poddar had not put his shirt on a passing fad. Eight years after it was started in 2015 with a flagship store in Bengaluru and an e-commerce website, Rare Rabbit has reached a valuation of $300 million. Tata Capital is looking to purchase a roughly 13% stake in the menswear brand at a valuation of $300 million, as it seeks to bet on the country’s affluent shoppers, Reuters has reported based on information from sources.
Tata has held private talks with Rare Rabbit and is conducting due diligence after issuing a term sheet to invest up to $40 million to grab a stake in the niche fashion brand. An Indian private equity fund, A91 Partners, is also eyeing a stake in the company and competing with Tata for a deal, the sources told Reuters.
The high valuation for the Indian men’s affordable luxury fashion brand doesn’t just speak of Poddar’s canny eye for social trends but also of an enduring shift in self-perception of urban men.
How Poddar built Rare Rabbit
Rare Rabbit was started in 2015 by Radhamani Textiles, a company run by Poddar’s family. As the owner and creative director, Poddar scoured stores in Europe to glean ideas of the style and substance of clothes he would offer. The idea was to curate products from across the globe that were in sync with male sexuality — a