Yikodeen's footwear revolution gets multi-million naira boost from Aruwa Capital

• Yikodeen has received a multi-million-dollar concern from Aruwa Capital Management to grow its accumulation capableness and modernise its mill
• This backing volition assistance Yikodeen summation regular output from 500 to 2,500 pairs, making it the largest information footwear shaper successful West Africa
• The concern is expected to turn Yikodeen's presumption successful the footwear market, portion besides supporting occupation instauration and assemblage improvement programs

Yikodeen, a apical shaper of information shoes and the lone supplier certified by the NCDMB for the lipid and state industry, has received a ample concern worthy millions of dollars from Aruwa Capital Management. The funds volition assistance the institution turn its accumulation capableness successful a large way.

This concern marks an important measurement successful Yikodeen’s extremity to physique high-quality manufacturing and grow its beingness crossed the region.

Shamsideen Atunde, Founder/CEO of Yikodeen, said the institution plans to grow and make important economical worth done occupation instauration and import substitution. Photo recognition - Yikodeen
Source: UGC

The money comes from Aruwa Capital’s 2nd concern fund, called Aruwa Capital Fund II. It volition beryllium utilized to restart Yikodeen’s mill and boost however overmuch it tin produce.

Aruwa was the lone capitalist successful this round, showing beardown spot successful Yikodeen’s prime and aboriginal growth.

Thanks to this funding, Yikodeen’s accelerated maturation volition velocity up adjacent more. The institution has already grown its gross 10 times, has nett margins supra 50%, and has done each this without taking connected immoderate debt.

Shamsideen Atunde, Founder and CEO of Yikodeen said:

"This concern with Aruwa Capital represents much than conscionable fiscal investment; it's a ballot of assurance successful the company's manufacturing excellence. With this support, we're positioned to alteration our accumulation capabilities, summation our output tenfold, grow our merchandise lines beyond information footwear, and make important economical worth done occupation instauration and import substitution."

Yikodeen started successful 2016 by making lone 20 pairs of shoes each day. Today, the institution produces astir 500 pairs daily. It has go a reliable supplier to immoderate of Nigeria’s toughest industries, including delivering implicit 30,000 information boots for the NLNG Train 7 project.

With the caller investment, Yikodeen plans to summation accumulation to 2,500 pairs per time crossed antithetic types of footwear, erstwhile its updated mill is afloat running. This would marque it the biggest information footwear shaper successful West Africa.

Statista reports that Nigeria’s footwear marketplace is worthy astir $2.1 cardinal successful 2024 and could turn to $2.6 cardinal by 2029. The information footwear conception unsocial is valued astatine $700 million.

Yikodeen is successful a beardown presumption to instrumentality a ample stock of this increasing market. It is 1 of the fewer section companies officially approved to proviso information shoes to Nigeria’s lipid and state industry.

Adesuwa Okunbo Rhodes, Founder and Managing Partner of Aruwa Capital Management, emphasised the value of the strategical investment.

She said:

"Yikodeen exemplifies the benignant of concern susceptible of driving meaningful economical translation successful Nigeria. Their manufacturing excellence, awesome certifications from standards organizations, and singular maturation trajectory marque them an perfect concern partner."

Yikodeen acceptable to go West Africa’s largest information footwear shaper pursuing strategical concern from Aruwa Capital Photo recognition - Yikodeen
Source: UGC

The caller concern successful Yikodeen volition importantly boost its manufacturing operations by enabling the acquisition of precocious equipment, expanding its factory, and expanding accumulation capableness tenfold.

The upgrade volition marque Yikodeen the largest information footwear shaper successful West Africa, with modern prime power systems ensuring apical planetary standards.

In summation to commercialized growth, Yikodeen is committed to societal impact, employing implicit 80 people—61% of them women successful mill roles and 33% successful elder positions. The enlargement is expected to make astir 200 caller skilled jobs.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng