Total amount raised
$29.4 Million
Latest funding date
3/1/2023
Location
The Souled Store has successfully raised funding over five rounds, with notable investors including Elevation Capital, RPSG Capital Ventures, and Xponentia Capital Partners. The latest funding round was a Series C, although specific details about the amounts and dates remain undisclosed.
Keep reading to explore the intricacies of The Souled Store's fundraising journey and the investors backing this dynamic online retailer.
What Is The Souled Store?
The Souled Store is an online retailer specializing in pop culture merchandise and apparel. Based in Mumbai, Maharashtra, India, the company operates in the apparel, e-commerce, fashion, lifestyle, and retail industries.
With an employee count ranging from 101 to 250, The Souled Store has successfully raised funding through multiple rounds, including a Series C round. The company has also acquired Redwolf, further expanding its market presence.
How Much Funding Has The Souled Store Raised?
- Series C
- Amount Raised: $16.5 million
- Date: March 2023
- Lead Investors: Xponentia Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Expand into new product categories, scale offline operations by launching 100-200 physical stores across India, and complete buyback of vested Employee Stock Option Plans (ESOPs).
- Debt Financing
- Date: May 2022
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Typically used for operational expenses and short-term financial needs.
- Series Unknown
- Date: March 2022
- Lead Investors: Sara Ali Khan
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding market reach and enhancing product offerings.
- Series B
- Amount Raised: $10 million
- Date: August 2021
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Growth and expansion purposes.
- Series Unknown
- Amount Raised: $3 million
- Date: November 2018
- Lead Investors: RPSG Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial development and scaling of the business.
Total Amount Raised: $29.5 million
Current Valuation: Not publicly disclosed
Key Investors
- Xponentia Capital Partners
- Details: Xponentia Capital Partners is a private equity firm that led the Series C funding round for The Souled Store. PR Srinivasan is the managing partner at the firm.
- Investment Focus Areas: High-growth potential companies, innovative startups, distinctive brands.
- Notable Investments: Specific notable investments are not mentioned.
- Elevation Capital
- Details: Elevation Capital is a venture capital firm that participated in multiple funding rounds for The Souled Store, including the Series B and Series C rounds. Partners involved include Chirag Chadha and Deepak Gaur.
- Investment Focus Areas: Early-stage companies, growth-stage companies, technology, consumer sectors.
- Notable Investments: Specific notable investments are not mentioned.
- RPSG Capital Ventures
- Details: RPSG Capital Ventures is a venture capital firm that has been an investor in The Souled Store since its early stages, participating in the Series C round as well. The firm focuses on high-growth potential startups.
- Investment Focus Areas: Consumer brands, lifestyle sectors, technology.
- Notable Investments: Specific notable investments are not mentioned.
- Sara Ali Khan
- Details: Sara Ali Khan is a Bollywood actress who invested in The Souled Store during an undisclosed funding round in March 2022. Her involvement adds a celebrity endorsement to the brand.
- Investment Focus Areas: Not specified.
- Notable Investments: Specific notable investments are not mentioned.
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 a revenue of INR 1500 crore within the next three years, setting the stage for a potential IPO.
Future fundraising opportunities are likely as The Souled Store continues to attract investor interest, driven by its strong brand equity and ambitious growth plans. However, the company will face challenges such as managing the logistics of rapid expansion and maintaining a high EBITDA margin while scaling operations.
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