Mumbai, Maharashtra
Mumbai-based D2C
casual wear brand The Souled Store (TSS) has raised $10 Mn in Series B funding
led by Elevation Capital.
The startup will
use the capital to expand its licensed merchandise and casual wear product
portfolio, expand its manufacturing capabilities, invest in marketing and
offline retail presence, and hiring. It
plans to expand its retail footprint to 15 cities pan India.
The latest round
follows the start up’s $1.5 Mn Series A, which saw investment from RPSG Capital
in November 2018. Angel investors, including Delhivery cofounder Sahil Barua,
Zalora CEO Gunjan Soni, Mosaic Wellness cofounder Revant Bhate, Livspace
founder Ramakant Sharma, Urban Ladder founder Ashish Goel, OYO CEO Rohit
Kapoor, Urban Company SVP Mukund Kulashekaran, and The Glitch cofounder Varun
Duggirala, also participated in the round.
Founded in 2013 by
Aditya Sharma, Rohin Samtaney, Vedang Patel, and Harsh Lal, The Souled Store is
a D2C casual wear brand that started out as a branded merchandise apparel
brand. In the last few years, it has diversified its product mix from branded
merchandise to casual wear for men and women, athleisure, bags and
loungewear.
The Souled Store currently has license deals
for branded merchandise for Disney, Warner Bros, World Wrestling Entertainment
(WWE), Indian Premier League (IPL), English Premier League (EPL) and more. The
startup uses an algorithmic-driven approach to identify the right designs and
product-market fit.
Cofounder Patel
said the focus going forward will be to introduce a variety of new product
categories and expand retail presence by 2025.
Source: Inc 42
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