Ecommerce D2C Startup The Souled Store Raises Funding Rs 75 Cr Round Led By Elevation Capital
- BySheetal Sidhu | August 4, 2021
Mumbai-based ecommerce D2C startup has raised Rs 75 crore in Series B funding led by Elevation Capital. The round also saw participation from angel investors Sahil Barua, Co-founder and CEO, Delhivery; Gunjan Soni, CEO, Zalora; Ex-CMO, Jabong; Revant Bhate, Co-founder and CEO, Mosaic Wellness; Ramakant Sharma, Founder and COO, Livspace; Ashish Goel, Founder and CEO, Urban Ladder; Rohit Kapoor, CEO, INSEA at OYO; Mukund Kulashekaran, SVP of Business, Urban Company; and Varun Duggirala, Co-founder, The Glitch.
The funding will be used for expanding The Souled Store’s product portfolio of both licenced merchandise and casual wear. It said it is looking at building brand awareness and offline retail presence pan India. The company is also looking to expand its manufacturing capabilities, and focus on recruiting activities. Vedang Patel, Co-founder and CEO, The Souled Store, said, “The Souled Store was started with the idea of doing what you love, from the soul. That’s what sets us apart, the people behind the scenes love what they do, and that shows in our work. From day 1, our aim has been to create a truly homegrown brand that focuses on three important aspects: great products, unique designs, and outstanding service.”
Commenting on the funding, Deepak Gaur, Partner, Elevation Capital said, “The Souled Store has successfully capitalised on India’s pop culture, which has led to its unique positioning. We were thoroughly impressed by the kind of scale that the company has built in a capital efficient manner. This growth is a consequence of the company’s relentless focus on customer experience to drive loyalty & data-driven merchandising to manage inventory and keep operations lean. We are super excited to partner with the team in the journey ahead of building The Souled Store into India’s most loved D2C casual-wear brand.”
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