The Souled Store plans to raise funds to fuel expansion plans
RP-Sanjiv Goenka Group-backed start-up The Souled Store is planning to raise around Rs 75 crore ($10 million) to 100 crore funds to fuel its expansion in the country.
The company plans to use these funds to strengthen its supply chain, new marketing initiatives that include celebrity endorsements, and ramp up its omni-channel presence.
“We are looking at a new round of fundraising, say to the tune of Rs 75-100 crore. Scale-up in operations will happen. A prime focus will also be on marketing. This apart, we need to rework the supply chains and improve warehousing to further speed up deliveries. Our target is Rs 1,000 crore over the next four years,” Vedang Patel, co-founder of The Souled Store, told BusinessLine.
“The Souled Store will re-focus on offline store expansion. There are some deals with malls that we discussed but did not sign because of the lockdown and the pandemic. We will revisit them now,” Patel added.
The Souled Store, which was launched in 2003, retails a range of licenced products including clothing, underwear, socks, shoes, and bags. The brand holds the India licence for a range of international franchises such as WWE, Disney, and Warner Bros, as well as Indian pop culture phenomenon such as Pro Kabaddi League, musicians, and stand-up comedians, among others.
Copyright © 2021 FashionNetwork.com All rights reserved.