New Delhi, Aug 4 (PTI) Mumbai-based casual wear brand The Souled Store on Wednesday said it has raised Rs 75 crore in funding led by Elevation Capital. The company also aims to grow the D2C (direct to consumer) business from Rs 200 crore to Rs 1,000 crore GMV in the next four years, a statement said. The Series B investment round also saw participation from angel investors Sahil Barua (Delhivery co-founder and CEO), Gunjan Soni (Zalora CEO), Revant Bhate (Mosaic Wellness co-founder and CEO), Ramakant Sharma (Livspace founder and COO), Ashish Goel (Urban Ladder founder and CEO), Rohit Kapoor (CEO, INSEA at OYO), Mukund Kulashekaran (Urban Company), and Varun Duggirala (The Glitch co-founder), it added. The company will use the capital to expand their product portfolio on licensed merchandise and casual wear, build better brand awareness and boost offline retail presence pan India.
It will also use the fund to expand manufacturing capabilities, and focus on recruiting activities.
Founded in 2013 by Vedang Patel, Aditya Sharma, Rohin Samtaney and Harsh Lal, The Souled Store currently holds licenses for brands including Disney, Warner Bros, WWE, IPL teams, EPL Teams and Viacom18. The Souled Store co-founder and CEO Vedang Patel said the company is working on creating a homegrown brand that focuses on three aspects - great products, unique designs, and outstanding service and that has helped create a high-repeat customer base. "Their (Elevation Capital) vast experience in backing and helping scale some of the biggest start-ups in India makes them the perfect partner for us. The focus going forward will be to introduce a variety of new product categories, enhance our customer reach, and expand our offline presence pan India to fulfil our aim of crossing Rs 1,000 crore GMV by 2025,” he said. GMV is a term used in online retailing to indicate the gross merchandise value of the products sold through the marketplace over a certain period. The Souled Store was bootstrapped for the first five years and received seed funding from RP-SG Ventures in November 2018. With over 3 million registered users, the company is on track to register a Rs 500 crore GMV next year, the statement said. “The Souled Store has successfully capitalised on India's pop culture - which has led to its unique positioning. This growth is a consequence of the company's relentless focus on customer experience to drive loyalty and data-driven merchandising to manage inventory and keep operations lean," Elevation Capital Partner Deepak Gaur said.
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