Investing an undisclosed amount in the brand, she gives it an investment push while boosting the brand’s celebrity status.
“I am delighted to partner with The Souled Store. In a short span of time, the brand has carved a niche for itself in the casual wear space. Being an ardent pop-culture lover, and a firm believer in originality and comfort being as important as fashion, I see the brand as a perfect fit to invest in. I look forward to being part of the TSS family,” said Sara Ali Khan.
The Souled Store, a Mumbai-based casual clothing and pop-culture D2C firm, has added Sara Ali Khan as an equity partner. Khan invested an unknown sum in the D2C firm.
The Souled Store, founded in 2013 by Vedang Patel, Harsh Lal, Aditya Sharma, and Rohin Samtaney, claims to hold over 180 licences, including Disney, Warner Bros, WWE, IPL, and Viacom18.
It claims to have launched a series of advertisements starring OTT and YouTube celebrities such as Ashish Chanchlani, Mithila Palkar, Ayush Mehra, Barkha Singh, Ahsaas Channa, and others.
Its product line comprises men’s and women’s top wear, bottom wear, innerwear, and activewear. It also claims to have over 4 million customers and an omnichannel presence with five offline outlets.
Elevation Capital had invested INR 75 crore in the firm. Angel investors and startup entrepreneurs participated in the round, including Sahil Barua, co-founder of Delhivery; Gunjan Soni, CEO of Zalora; Revant Bhate, cofounder of Mosaic Wellness; and Ramakant Sharma, creator of Livspace, among others.
The funds will be used to increase the Souled Store’s licenced products and casual wear product assortment, improve its production capabilities, invest in marketing and offline retail presence, and hire. It also intended to grow its retail presence in India to 15 cities.
In August 2021, one of its competitors, D2C brand Bewakoof, raised $8.09 million in a Pre-Series B investment round headed by current investor InvestCorp. IvyCap Ventures and Spring Marketing Capital also participated in the round.
The brand used the capital to expand the business, advertise it, and recruit A-list personalities. It also intended to start marketing efforts across digital, print, television, and outdoor advertising to reach new client bases as it aspires to reach INR 2,000 crore in sales by 2025.
According to Inc42 DataLabs, the online fashion business was valued at $17.8 billion in the first half of 2021 and is predicted to reach $43.2 billion by 2025. More interestingly, the online industry accounts for 33% of the total fashion business in India and is expected to account for 50% of the market by 2025.
Vedang Patel, Harsh Lal, Aditya Sharma, and Rohin Samtaney founded the Souled Store. Elevation Capital sponsored a 75 crore funding round for The Souled Store in August 2021. Angel investors in the round included Delhivery co-founder Sahil Barua, Gunjan Soni, CEO of Zalora, Revant Bhate, co-founder of Mosaic Wellness, and Ramakant Sharma, creator of Livspace, among others.
Commenting on Khan’s investment, The Souled Store co-founder Rohin Samtaney said, “Her quirky and experimentative styling best reflects our brand image. We couldn’t have found a better investor and partner. We expect this collaboration will lead to great things together.”