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Funding

The Souled Store raises Rs 135 crore led by Xponentia

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The Souled Store logo
Date
Company
The Souled Store
What it does
Xponentia Capital
Kind
Funding
Amount
Rs 135 crore
Stage
Series C
Based in
Mumbai
Founded
2013

What they do

Xponentia Capital led a Rs 135 crore (about $16 million) Series C, its largest bet on a consumer company, with Elevation and RPSG Capital returning

What happened

The brand planned to open over 100 stores across India within two years and add new product categories

Why it matters

Part of the money went to buying back all vested employee stock options, and the founders spoke of an IPO in three to four years

The details

  • The Souled Store raised Rs 135 crore in Series C.
  • Xponentia Capital led.
  • Elevation Capital and RPSG Capital raised their stakes.
  • Plan: 100+ stores in two years.
  • A 100% buyback of vested ESOPs.
  • An IPO was being considered.

The bigger picture

  • It funded the big push into physical retail.
  • Buying back ESOPs rewards staff with cash.
  • It was one of the larger D2C apparel rounds that year.

About the business

  • The Souled Store makes and sells pop-culture clothing and merchandise under licences such as Marvel, Naruto and One Piece.
  • Most sales come through its own website and app, with a growing chain of stores across India.
  • It holds over 200 licences and also sells casual wear, footwear and accessories.

Investors

Founders

  • Vedang Patel, Co-founder and CEO
  • Rohin Samtaney, Co-founder
  • Harsh Lal, Co-founder
  • Aditya Sharma, Co-founder

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