Elevation Capital invests Rs 75 crore in The Souled Store

4th Aug 2021, Mumbai:

Elevation Capital led a Rs 75 crore Series B funding round for youth casual wear brand The Souled Store. Angel investors Sahil Barua (co-founder & CEO, Delhivery), Gunjan Soni (CEO, Zalora), and Ashish Goel (Founder & CEO, Urban Ladder), as well as other executives from other businesses, participated in the funding round.

The funds will be used to grow the company's product assortment, which includes licensed products and casual clothing, as well as to improve brand recognition and offline retail presence across India, increase production capacities, and hire more people.

The Souled Store was one of the first businesses to bring in licensed fan items from worldwide corporations such as Disney, Warner Bros., WWE, IPL teams, EPL teams, and Viacom18. It was founded in 2013 by Vedang Patel, Aditya Sharma, Rohin Samtaney, and Harsh Lal. The firm has 150+ franchises and develops, manufactures, and sells a wide range of clothing goods based on pop culture themes such as superheroes (Marvel and DC worlds), movies (Star Wars, Harry Potter), TV series (Friends, Game of Thrones), and cartoons (Looney Tunes, Tom & Jerry).

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"Going forward, our focus will be on introducing a range of new product categories, expanding our customer reach, and expanding our physical presence across India to achieve our goal of exceeding Rs 1,000 crore GMV by 2025," stated Vedang Patel, co-founder, and CEO of The Souled Store.

For the first five years, the firm was self-funded, but in November 2018, it got seed investment from RPSG Ventures. Since then, the firm has expanded by more than fourfold. The Souled Store claims to have over three million registered customers and is on course to generate a GMV of Rs 500 crore next year.

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