The Souled Store Founders Raise Rs 75 Crore in Series B Funding, Eye Rs 1,000 Crore GMV by 2025

In a testament to the soaring success of pop culture merchandise and casual wear brand, The Souled Store, founders Vedang Patel, Aditya Sharma, Rohin Samtaney, and Harsh Lal have secured an impressive Rs 75 crore in a Series B funding round. Led by Elevation Capital, the funding infusion reflects the company’s capital-efficient growth and its pivotal role in shaping India’s pop culture merchandise landscape.

The Souled Store intends to leverage the freshly acquired capital to expand its product portfolio, particularly focusing on licensed merchandise and casual wear. The funds will also fuel initiatives to enhance brand awareness, amplify offline retail presence across India, expand manufacturing capabilities, and accelerate hiring efforts. Vedang Patel, the CEO, envisions surpassing Rs 1,000 crore in Gross Merchandise Value (GMV) by 2025, solidifying the company’s position as the go-to destination for all things pop culture in the country.

Elevation Capital’s decision to lead the Series B funding underscores The Souled Store’s remarkable scale achieved in a capital-efficient manner. Deepak Gaur, Partner at Elevation Capital, emphasizes the company’s success in capitalizing on India’s pop culture and attributes its growth to a relentless focus on customer experience, driving loyalty, and data-driven merchandising for lean operations.

The funding round also saw participation from notable angel investors, including Sahil Barua (co-founder and CEO of Delhivery), Gunjan Soni (CEO of Zalora and former CMO of Jabong), Ramakant Sharma (founder and COO of Livspace), and Ashish Goel (founder of Urban Ladder). The collective backing reflects confidence in The Souled Store’s growth trajectory and execution excellence.

Abhishek Goenka of RPSG Ventures commends the company’s growth over the past eight years, citing it as a testament to customer love and the founding team’s execution excellence. The Souled Store’s resilience and growth, even during the challenging times of the Covid-19 pandemic, have positioned it as a symbol of customer-centricity and operational prowess.

Founded in 2013, The Souled Store stands as one of the pioneers in bringing licensed merchandise to the Indian market. The brand specializes in designing, manufacturing, and retailing a diverse range of apparel products featuring pop-culture themes. From superheroes (Marvel and DC universes) and movies (Star Wars, Harry Potter) to TV shows (Friends, Game of Thrones) and cartoons (Looney Tunes, Tom & Jerry), The Souled Store has curated partnerships with over 150 franchises. With a distinctive focus on catering to internet-savvy millennials and Gen-Z consumers, the company offers affordable fan merchandise apparel. The Souled Store has garnered an impressive following of 836,000 on Instagram and attracts around 2 lakh daily visitors on its website and app.

Over the years, the company has expanded its product mix beyond fan merchandise and basic brand T-shirts to include a wide array of apparel such as athleisure, casual dresses, sweatshirts, and lounge wear. The Souled Store’s strategic approach to diversification and expansion has contributed to its significant growth.

The Souled Store’s journey began with bootstrap efforts for the initial five years before securing seed funding from RPSG Ventures in November 2018. Since then, the company has witnessed a remarkable growth of over 4X, showcasing the resilience and adaptability of its business model.

As the brand continues to evolve and redefine industry standards, the infusion of Rs 75 crore in Series B funding positions The Souled Store for even greater success. With a focus on expanding its reach, enriching product offerings, and maintaining its commitment to customer satisfaction, the founders and their team are poised to leave an indelible mark on India’s pop culture merchandise landscape.