Elevation Capital backs The Souled Store in series B funding
Merchandise and casual wear brand to widen product portfolio, expand offline retail presence, and grow D2C business to Rs 1,000 crore in four years
Merchandise and casual wear brand The Souled Store has raised Rs 75 crore in series B funding, led by Elevation Capital. The company intends to use the capital to expand its product portfolio on licensed merchandise and casual wear, build more brand awareness, expand offline retail presence across India, expand manufacturing capabilities, and ramp up hiring. “We aim to cross Rs 1,000 crore in GMV [gross merchandise value] by 2025,” says Vedang Patel, co-founder and CEO, The Souled Store. “Today, we’ve become the one-stop destination for all things pop culture in the country.”
For Elevation Capital, backing The Souled Store came on the back of scale achieved by the company in a capital-efficient manner. “The Souled Store has successfully capitalised on India’s pop culture,” says Deepak Gaur, partner, Elevation Capital. The growth of the company, he lets on, is a result of its relentless focus on customer experience to drive loyalty, and data-driven merchandising to manage inventory and keep operations lean. The latest round of funding also saw participation from a clutch of angel investors, including Sahil Barua (co-founder and CEO of Delhivery), Gunjan Soni (CEO of Zalora and former CMO of Jabong), Ramakant Sharma (founder and COO of Livspace), and Ashish Goel (founder of Urban Ladder).