- The investment will help The Souled Store’s growth plans and expand its product offerings.
- This is Xponentia Capital‘s largest investment in the consumer sector. - Current shareholders Elevation Capital and RPSG Capital also participated and increased their shareholding.
India’s top lifestyle brand The Souled Store has raised ₹135 crore, led by Xponentia Capital, with current shareholders, Elevation Capital and RPSG Capital, also participating and increasing their shareholding in the Company.
They 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.
With 5.5 million gen Z and millennial customers, The Souled Store made its name as India’s leading fan merchandise brand, and has evolved into India’s most loved lifestyle brand with almost half their revenue coming from non-fan merchandise. The brand started operations in 2013 and is led by co-founders Vedang Patel, Aditya Sharma, Rohin Samtaney, and Harsh Lal.
The Souled Store is at an annualised revenue of ₹450+ crore GMV and has raised ₹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 & 3 cities.
Vedang Patel, CEO, commented “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 INR 1500 Crore in Revenue over the next three years and then go public”
Commenting on the deal Mr. PR Srinivasan, Managing Partner, Xponentia Capital Partners said, "Xponentia seeks to work with entrepreneurial teams that are setting new standards to disrupt their markets & create high growth business models. 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. We look forward to supporting Vedang & his team as The Souled Store continues to innovate and delight its customers.”
About The Souled Store: Established in 2013, by Rohin Samtaney, Aditya Sharma, Harsh Lal, and Vedang Patel, The Souled Store is your friendly store, helping you express yourself with cool, interesting merchandise. With products ranging from t shirts, boxers, backpacks, and shoes, to socks, pins, badges, and a whole lot more, there's something for everyone. As India’s biggest brand for official, licensed merchandise, we work with your favourite movies, TV shows, sports teams, comedians, and musicians to bring you a wide range of kickass designs on your favourite products.
For more information visit www.thesouledstore.com
About Xponentia Capital: Xponentia Capital is an India focused mid-market private equity firm that provides entrepreneurial management teams with capital & capabilities to build valuable businesses. Xponentia Capital focuses on buyouts and significant minority transactions in financial and business services, consumer & retail and healthcare.
For more information, visit www.xponentia.in
They 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.
With 5.5 million gen Z and millennial customers, The Souled Store made its name as India’s leading fan merchandise brand, and has evolved into India’s most loved lifestyle brand with almost half their revenue coming from non-fan merchandise. The brand started operations in 2013 and is led by co-founders Vedang Patel, Aditya Sharma, Rohin Samtaney, and Harsh Lal.
The Souled Store is at an annualised revenue of ₹450+ crore GMV and has raised ₹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 & 3 cities.
Vedang Patel, CEO, commented “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 INR 1500 Crore in Revenue over the next three years and then go public”
Commenting on the deal Mr. PR Srinivasan, Managing Partner, Xponentia Capital Partners said, "Xponentia seeks to work with entrepreneurial teams that are setting new standards to disrupt their markets & create high growth business models. 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. We look forward to supporting Vedang & his team as The Souled Store continues to innovate and delight its customers.”
About The Souled Store: Established in 2013, by Rohin Samtaney, Aditya Sharma, Harsh Lal, and Vedang Patel, The Souled Store is your friendly store, helping you express yourself with cool, interesting merchandise. With products ranging from t shirts, boxers, backpacks, and shoes, to socks, pins, badges, and a whole lot more, there's something for everyone. As India’s biggest brand for official, licensed merchandise, we work with your favourite movies, TV shows, sports teams, comedians, and musicians to bring you a wide range of kickass designs on your favourite products.
For more information visit www.thesouledstore.com
About Xponentia Capital: Xponentia Capital is an India focused mid-market private equity firm that provides entrepreneurial management teams with capital & capabilities to build valuable businesses. Xponentia Capital focuses on buyouts and significant minority transactions in financial and business services, consumer & retail and healthcare.
For more information, visit www.xponentia.in
Advertisements