StageSeries C | Alive
Last Raised$16.4M | 2 days ago
About The Souled Store
The Souled Store provides a marketplace for retail clothes. It offers t-shirts, boxers, and phone covers on its platform. The company was founded in 2013 and is based in Mumbai, India.
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The Souled Store's Products & Differentiators
Men's Wear, Women's Wear & Accessories
Men's T-shirts, Jerseys, Sweatshirts, Boxers, Joggers, Hoodies, Shirts, Pants, Cotton Masks,Women's Joggers, T-Shirts, Dresses, Pajama & Pajama Sets, Hoodies, Joggers, Tank Tops, Socks & Backpacks
Expert Collections containing The Souled Store
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
The Souled Store is included in 1 Expert Collection, including E-Commerce.
Latest The Souled Store News
Mar 29, 2023
SHARE Share story The funding round also saw participation from the startup’s current investors – Elevation Capital and RPSG Capital The startup will use the funding to expand into new categories and scale its offline operations The Souled Store has raised INR 220 Cr since its inception in 2013 Omnichannel lifestyle startup The Souled Store has raised INR 135 Cr in a strategic funding round led by Xponentia Capital. The round also saw participation from its current investors Elevation Capital and RPSG Capital. The startup will use the funding to expand into new categories and scale its offline operations. Speaking to Inc42, the startup’s cofounder and CEO Vedang Patel said that the startup will also deploy the capital to launch 100-200 physical stores across the country in the next three years. The investment will also be utilised to offer a complete buyback of vested Employee Stock Option Plans (ESOPs). “…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 INR 1500 Cr in revenue over the next three years and then go public,” the CEO said. Commenting on the announcement, the managing partner at Xponentia Capital PR Srinivasan said, “… We look forward to supporting Vedang & his team as The Souled Store continues to innovate and delight its customers.” Patel also told Inc42 that The Souled Store was well on its way to closing the current financial year at INR 240 Cr and was currently reporting an EBITDA of 10%. He added that the lifestyle brand was well placed to achieve a revenue of INR 1,500 Cr in the next three years. Patel said that the startup plans to maintain an EBITDA of 20% at that scale and would then file for an initial public offering (IPO). Recommended For You: 6th January, 2023 Founded in 2013 by Patel, Rohin Samtaney, Aditya Sharma and Harsh Lal, The Souled Store started as a branded merchandise apparel brand and later morphed into its current D2C casual wear brand form. It also sells other products such as backpacks, sneakers, shoes and socks for customers ranging from kids to late adults. It has raised a total of INR 220 Cr since its inception in 2013. The D2C brand claims to be processing an annualised gross merchandise volume (GMV) of INR 450 Cr+. Besides, The Souled Store also claims to earn 70% of its revenue from its website and app, while it earns 15% from its offline stores. Ecommerce marketplaces account for just the remaining 15% of its total revenue. Home to more than 50,000 digital-first brands, India has seen the rapid rise of many D2C and omnichannel lifestyle brands which have percolated deeper across the country’s psyche across multiple segments and niches. The explosion of D2C brands has led to more and more investors eyeing the burgeoning space.
The Souled Store Frequently Asked Questions (FAQ)
When was The Souled Store founded?
The Souled Store was founded in 2013.
Where is The Souled Store's headquarters?
The Souled Store's headquarters is located at 23/24, Tantia Jogani Industrial Premises, Mumbai.
What is The Souled Store's latest funding round?
The Souled Store's latest funding round is Series C.
How much did The Souled Store raise?
The Souled Store raised a total of $29.51M.
Who are the investors of The Souled Store?
Investors of The Souled Store include Elevation Capital, Xponentia Capital, RPSG Capital Ventures, Sara Ali Khan, Sahil Barua and 10 more.
Who are The Souled Store's competitors?
Competitors of The Souled Store include Bewakoof.
What products does The Souled Store offer?
The Souled Store's products include Men's Wear, Women's Wear & Accessories.
Compare The Souled Store to Competitors
Bewakoof designs manufacture and market lifestyle fashion products for both men and women. The platform offers categories such as t-shirts, shirts, sweatshirts, jackets, hoodies, joggers, jeans, kurtas, shorts, and more. The company was founded in 2012 and is based in Mumbai, India. In February 2023, TMRW acquired a majority stake in Bewakoof. The terms of the transaction were not disclosed.
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