The Souled Store raises Rs 135 crore from Xponentia Capital, others

By

Maverick Martins

Published
Mar 29, 2023

Lifestyle brand ‘The Souled Store’ has raised Rs 135 crore ($16.5 million) in a series C round led by Xponentia Capital. Elevation Capital and RPSG Capital also participated in the funding round.

The company will utilise the funds to diversify its portfolio and expand its retail presence by opening 100 stores across the country over the next two years.

The funds will also be used to offer a buyback of 100 percent of employee stock ownership plan programme.

Commenting on the investment, PR Srinivasan, managing partner at Xponentia Capital in a statement said, “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, we look forward to supporting Vedang and his team as The Souled Store continues to innovate and delight its customers.”

The Souled Store co-founded by Vedang Patel, Aditya Sharma, Rohin  Samtaney, and Harsh Lal designs, manufactures and retails apparel products with designs ranging around pop-culture themes such as superheroes, movies, and television shows.