Fashion brand Theater raises Series A at Rs 400 Cr valuation

• ByStartupStory     |    September 10, 2026

Digital-first fashion brand Theater has raised Rs 56.25 crore (around $6 million) in Series A funding as it builds on strong growth over the past two fiscal years. The round was led by Niveshaay, with participation from FirstPort Capital, Skagen Ventures and other investors.

In September 2024, the company had raised $1.5 million in a pre-Series A round led by Prath Ventures.

The board at Theater approved the issuance of 2,145 Series A CCPS at an issue price of Rs 2,62,224 per share to raise the aforementioned amount, according to its regulatory filings.

Niveshaay led the round with an investment of Rs 37 crore, followed by FirstPort Capital with Rs 12.81 crore and Skagen Ventures with Rs 3.36 crore. Saket Agarwal, Vishal Julka, and IPV International also participated in the round.

As per estimates, the company’s valuation stood at around Rs 402 crore ($43 million) post-money, a 4.5X increase from its previous valuation of Rs 90 crore. The fresh capital will be used to expand the business, meet working capital needs, strengthen the balance sheet and support future growth.

Founded by Sarthak Aggarwa, Karan Jain, Vikram Jain, and Shruti Agarwal, Theater is a digital-first fashion and lifestyle brand offering shoes, bags, stockings, socks, perfumes, and other accessories for men and women.

After allotment of this round, Eternal Emerging Enterprises Fund remains the largest institutional shareholder with a 9.71%, followed by Niveshaay with 9.20%, FirstPort Capital with 3.19%, and Vishal Julka with 2.54%.

Among the co-founders, Sarthak Aggarwal holds a 20.63% stake, while Karan Jain and Vikram Jain own 16.39% each. Shruti Aggarwal holds a 12.16% stake in the five-year-old company.

A Moneycontrol report had earlier said that Theater XYZ was in talks to raise $4-5 million in a funding round led by Niveshaay.

Theater is yet to file its FY26 results, but the 4.5X jump in valuation alongside its latest fundraise suggests investors have seen enough progress to back the brand at a much higher level. After 2.37X revenue growth to Rs 33.35 crore in FY25, the FY26 numbers will show whether Theater has sustained that momentum.

With its investment in Theater, Niveshaay is actively expanding its focus on the D2C space. The firm has recently backed travel and lifestyle brand Mokobara and innerwear brand XYXX, while its earlier investments include beauty brands Naturis Cosmetics and Innovist.

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