Elevation Capital-backed The Souled Store for series B funding
The Souled Store, a Mumbai-based casual wear company raised for around ₹75 crores as a piece of its Series B led by Elevation Capital. The organization utilizes the cash flow to grow its item portfolio on authorized products and comfy wear, fabricate more brand mindfulness, extend disconnected retail presence across India, grow fabricating capacities, and increase recruiting. As an Elevation Capital backing, the Souled store came on the back of scale achieved by the company in a capital-efficient manner. Deepak Gaur partner, Elevation Group told that “The Souled Store has successfully capitalised on India’s pop culture”. The Growth of the organization he works for is a result of his persistent hard work to drive loyalty.
Interestingly the latest round of funding found participation from a bunch 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). As indicated by the organization, it will utilize the cash flow to extend its item portfolio on both licensed merchandise and casual wear, while building better brand mindfulness and retail presence in India. The company will also be using the funds to expand its manufacturing capabilities and focus on recruiting activities.
Vedang Patel co-founder and chief executive of The Souled Store Vedang Patel mentioned that “We are super excited to be partnering with a highly reputed fund like Elevation Capital that believes in this vision. Their vast experience in backing and helping scale some of the biggest startups in India makes them the perfect partner for us. The focus, going forward, will be to introduce a variety of new product categories, enhance our customer reach, and expand our offline presence pan India,”
The organization is hoping to cross ₹1,000 crores in gross merchandise value (GMV) by 2025, Patel added. The platform witnesses around 200,000 every day guests on its site and websites.
The Souled Store at present has more than 3 million enlisted clients and is on target to accomplish ₹500 crore GMV one year from now, it said.
“The Souled Store’s tremendous growth since beginning and through Coronavirus is emblematic of the sheer client love and execution greatness of the establishing group. We are exceptionally bullish on the achievements they intend to accomplish in the coming years,” said Abhishek Goenka, head and boss speculation official, RPSG Ventures.