The Souled Store raises $3 million in fresh funding round
The Souled Store has raised $3 million (Rs 19,958 crore) in a new funding round led by RP- SG Ventures and will use the capital for backend operations and for marketing.
“We are very impressed with the team’s vision and execution maturity,” Abhishek Goenka, head of RP-SG Ventures, told Mint about the investment. “The growth demonstrated by the brand through exceptional customer engagement on the back of strong unitary economics is outstanding, making it well positioned to become the number one player in this fast growing pop culture segment.”
The Souled Store’s main investor, RP-SG Ventures, is a venture capital fund backed by the RP-Sanjiv Goenka Group. Goenka has predicted that India’s fan merchandise market is worth approximately Rs 6,000 crore and is growing at a fast pace of 25 to 30 percent year-on-year.
“Over the last couple of years, we’ve grown at 2-3 times each year and the focus going forward will be to rapidly expand our manufacturing and backend capabilities, introduce a variety of new product lines, enhance our customer experience, and building our offline presence,” said co-founder of The Souled Store, Vedang Patel.
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.
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