Souled store announced that they have raised their third round of funding with ₹135 crore ($16 million) led by Xponentia Capital. Existing shareholders, Elevation Capital and RPSG Capital Ventures also pitched in this rounds. The 10-year old start-up has raised Rs. 85 Cr till date and has an annual revenue of Rs. 450 Cr.
PR Srinivasan, Managing Partner, Xponentia Capital Partners said, “The Souled Store has established a distinctive brand and is in the process of creating a large community that identifies & relates with its casual wear products.”
Vedang Patel, CEO said, “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 & intend to create destination stores that would excite our customers. The Souled Store further aims to reach Rs 1,500 crore in revenue over the next three years and then go public.”
The Founders said that this round of funding will aid in increasing their offline presence across India and plan to add 100 stores by 2026. Founded in 2013 by co-founders Vedang Patel, Aditya Sharma, Rohin Samtaney, and Harsh Lal, The Souled Store, known for its fan merchandise gets half of its revenue comes from non-fan merchandise.
The Souled Store sells products including T-shirts, boxers, backpacks, shoes, socks, pins, badges etc and offers official, licensed merchandise from movies, TV shows, sports teams, comedians, and musicians.
The company sells official merchandise from popular franchises such as Captain America, Marvel, Spiderman, Black Panther, Iron-Man, Batman, Superman, etc. as well as sports franchises such as Chennai Super Kings, Kolkata Night Riders, Liverpool FC, Arsenal FC, to name a few as well as celebrity curations by Hardik Pandya and Sara Ali Khan.