Mumbai-based lifestyle and fan merchandise startup The Souled Store has raised Rs 135 crore or $16.4 million in a Series C funding round led by Xponentia Capital Partners. The round also saw participation from existing investors, including Elevation Capital and RPSG Capital.
The D2C brand aims to expand into new product categories and launch over 100 stores pan India within the next 2 years. In addition, The investment will also be used to offer a buyback of 100% of vested employee options.
Prior to this round, The Souled Store raised Rs 75 crore in August 2021 in a Series B round from Elevation Capital.
Founded in 2013 by Vedang Patel, Aditya Sharma, Rohin Samtaney, and Harsh Lal, The Souled Store designs, manufactures and sells apparel products on its website and app, which it claims covering 70% of its revenue, and other e-commerce platforms such as Flipkart and Amazon.
The brand claims to be at an annualised revenue of Rs 450 crore in terms of Gross Merchandise Value (the total value of goods sold over a period of time by an online platform).
“Xponentia seeks to work with entrepreneurial teams that are setting new standards to disrupt their markets and create high growth business models. The Souled Store has established a distinctive brand and is in the process of creating a large community that identifies and relates with its casual wear products,” said PR Srinivasan., Managing Partner, Xponentia Capital Partners.
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