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Souled Store raises $ 10 mn in Series B funding

Aug 06, 2021
Souled Store raises $ 10 mn in Series B funding

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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