New Delhi: SoleSearch, a street culture e-commerce startup, has raised Rs 6 crore in its first funding round to scale its online and offline business in the next quarter, the company said in a media release on Tuesday.
Investors including Venture Catalyst, Anthill Ventures, Cornerstone Sports LLP, and other marquee individuals participated in this funding round.
The company, started in 2021, as a community platform for trading sneakers, now has evolved into an ecosystem for sneaker & street-culture enthusiasts to bid, buy and sell verified, limited-edition products both online and offline, it said in the release.
According to industry reports, the revenue generated in the streetwear segment in India reached $2.6 billion in 2022, with an anticipated annual growth rate of 11.58 percent. This signifies the immense market opportunity in the growing streetwear industry.
With its sneakers, streetwear, accessories, and collectibles, the startup aims to streamline the unorganized street and youth culture industry in India with a holistic omnichannel approach for the current & next gen of Indian shoppers.
Param Minhas, co-founder and CEO of the brand said, “We have built a robust network of resellers who are experts in understanding the cohort’s needs or demands. We are trying to redefine the street culture in India.”
SoleSearch also plans to come up with its mobile application and physical stores in Hyderabad and Mumbai in the next few months. Along with this expansion, the startup hopes to increase its workforce and build a larger team.