Total amount raised
$29.4 Millions
Latest funding date
3/1/2023
Location
The Souled Store has successfully raised funds through multiple rounds, with the latest being a Series C round closed on March 29, 2023. The company has garnered the support of 11 investors, including Elevation Capital and RPSG Capital Ventures.
Keep reading to explore the intricacies of The Souled Store's fundraising journey and the investors backing this innovative platform.
What Is The Souled Store?
The Souled Store, founded in 2013, is an online retailer based in Mumbai, Maharashtra, India. The company specializes in pop culture merchandise and apparel, offering a wide range of products from t-shirts to accessories.
Founded by Aditya Sharma, Harsh Lal, Rohin Samtaney, and Vedang Patel, The Souled Store has grown significantly since its inception. The platform caters to fans of various pop culture genres, providing unique and trendy items.
With a team of 101-250 employees, The Souled Store continues to expand its offerings and reach, making it a popular destination for pop culture enthusiasts.
How Much Funding Has The Souled Store Raised?
- Series C
- Amount Raised: ₹1.4B (~$16.5M)
- Date: March 2023
- Lead Investors: Xponentia Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new categories, scale offline operations, and open 100-200 physical stores across India.
- Debt Financing
- Date: May 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and short-term financial needs.
- Venture Round
- Date: March 2022
- Lead Investors: Sara Ali Khan
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance brand visibility and leverage celebrity endorsement.
- Series B
- Amount Raised: $10M
- Date: August 2021
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel business growth and expand product offerings.
- Venture Round
- Amount Raised: $3M
- Date: November 2018
- Lead Investors: RPSG Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial business operations and growth.
Total Amount Raised: $29.5M
Current Valuation: Not publicly disclosed
Key Investors
- Xponentia Capital Partners
- Details: Xponentia Capital Partners led the recent Series C funding round for The Souled Store, raising ₹1.4B (~$16.5M). The firm is known for supporting innovative startups and helping them scale.
- Investment Focus Areas: Consumer brands, technology, healthcare.
- Notable Investments: Not publicly disclosed.
- Sara Ali Khan
- Details: Sara Ali Khan is a Bollywood actress who participated in a venture round for The Souled Store in March 2022. Her involvement brought significant brand visibility to the company.
- Investment Focus Areas: Entertainment, lifestyle, fashion.
- Notable Investments: Not publicly disclosed.
- Elevation Capital
- Details: Elevation Capital is a prominent venture capital firm that led The Souled Store's Series B funding round, raising $10M in August 2021. The firm has a history of investing in high-growth potential companies.
- Investment Focus Areas: Early-stage companies, growth-stage companies, technology.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- RPSG Capital Ventures
- Details: RPSG Capital Ventures provided seed capital to The Souled Store in November 2018 and has continued to support the company in subsequent funding rounds. The firm focuses on high-growth potential startups.
- Investment Focus Areas: Consumer brands, retail, technology.
- Notable Investments: FirstCry, HealthifyMe, mCaffeine.
What's Next for The Souled Store?
The Souled Store is poised for significant growth, with plans to expand into new product categories and open over 100 stores across India. This expansion aims to tap into the burgeoning D2C market, which is expected to reach $300 billion by 2030. The company targets ₹1500 crore in revenue over the next three years, setting the stage for a potential IPO.
However, this rapid growth comes with challenges. Managing the logistics of opening numerous stores and maintaining a high EBITDA margin will be crucial. Additionally, navigating the competitive landscape of lifestyle brands and ensuring consistent product quality will be key to sustaining their momentum.
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