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The Souled Store, a lifestyle brand, has raised INR 135 crore, led by Xponentia Capital, with current shareholders, Elevation Capital and RPSG Capital, also participating and increasing their shareholding in the company. The company will utilize the fresh capital for expanding into new categories and launch over 100 stores pan India within the next 2 years. The investment will also be used to offer a buyback of 100% of vested employee options.
“Our design first thinking, high product quality, and deep understanding of the youth has helped us become a truly distinguished brand, and we plan to capitalise our high brand equity to grow current categories & foray into other lifestyle products. We are also expanding our offline presence and intend to create destination stores that would excite our customers. The Souled Store further aims to reach INR 1500 crore in revenue over the next three years and then go public,” said Vedang Patel, CEO.
The Souled Store is at an annualised revenue of more than INR 450 crore GMV and has raised INR 85 crore to date, making it one of the most capital efficient consumer businesses in India. Currently, 70% of revenue comes from their app/ website, 15% from offline stores, and 15% from online marketplaces. 60% of revenue comes from outside the top 10 cities and the new offline stores will deepen their presence in tier 2 and 3 cities, claimed by the company in a statement.
“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. We look forward to supporting Vedang and his team as The Souled Store continues to innovate and delight its customers,” said PR Srinivasan, managing partner, Xponentia Capital Partners.
Established in 2013, by Rohin Samtaney, Aditya Sharma, Harsh Lal and Vedang Patel, The Souled Store is a friendly store that helps to express yourself with cool, interesting merchandise.
