Mumbai-based pop culture merchandise startup The Souled Store has raised around ₹21 crore ($3 million) in a fresh funding round led by RP-SG Ventures, a Sebi registered venture capital fund backed by the RP-Sanjiv Goenka Group.
The funds raised will be used to strengthen its backend and marketing needs.
The Souled Store was founded by three youngsters Vedang Patel, Rohin Samtaney and Aditya Sharma in 2013. The startup provides an online platform offering a wide range of merchandise with curated designs.
The startup offers products including t-shirts, phone covers, badges, shorts, mugs, notebooks, and caps.
Vedang Patel, Co-Founder of The Souled Store, said, “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.”
It has partnered with global entities like Warner Bros, Disney, WWE and Indian brands, youth icons like stand-up comedians, indie music artists, music festivals and franchises from the Indian Premier League and Pro Kabaddi League, to offer officially licensed products.
With the fan merchandise market in India worth around ₹6,000 crore and growing at 25-30% each year. The Souled Store is well positioned to dominate the merchandise market in the pop culture segment.
Other players in the Indian merchandise market competing with The Souled Store include VOXPOP, Redwolf, among others.