The Souled Store gets Rs 135 crore Series C funding led by Xponentia Capital

The Souled Store, a Mumbai-based omnichannel lifestyle startup, has received Rs 135 crore in Series C round of funding. The round was led by Xponentia Capital Partners in which existing investors Elevation Capital and RPSG Capital also participated.

“The Souled Store has established a distinctive brand and is in the process of creating a large community that identifies and relates with its casual wear products,” said PR Srinivasan, managing partner at Xponentia Capital.

Earlier, The Souled Store raised Rs 75 crore in a Series B round led by Elevation Capital in August 2021.

The firm will use the fresh funding for its expansion plans. It will tap into new categories and aims to open 100 stores across the country within the next couple of years.

Co-founded in 2013 by Patel, Rohin Samtaney, Aditya Sharma, and Harsh Lal; The Souled Store is a direct-to-consumer (D2C) apparel brand. The Souled Store’s around 60 per cent revenue comes from outside the top 10 cities and the new offline stores will deepen the firm’s presence in tier 2 and 3 cities. It claims to generate an annualised income of Rs 450 crore GMV.

The Souled Store offers official merchandise for brands like Marvel, DC, Netflix, Star Wars, and Harry Potter, among others and its product portfolio includes t-shirts, mobile covers, badges, boxers, notebooks, mugs, umbrellas, and others. It also enables users to create customised t-shirts.

The Souled Store competes with the companies like Planet SuperHeroes owned by Nodwin Gaming.

ALSO READ: Pune-based LoanTap buys healthcare-focused fintech startup Unofin