GOAT Brand Labs secures USD 36 million in Series A funding round
Category: #business  By Akshay Kedari  Date: 2021-07-27
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GOAT Brand Labs secures USD 36 million in Series A funding round

Apparel-centric platform GOAT Brand Labs has reportedly raised USD 36 million in its first funding round that was led by Flipkart Ventures, Tiger Global Management, and Mayfield. The new funds involve a mix of equity and debt.

Other investors in the Series A funding round included Better Capital and Nordstar, with angel investors Sujeet Kumar of Udaan, Suhail Sameer from BharatPe, Virendra Gupta from Dailyhunt, and Ranjan Pai of Manipal Group.

For the unversed, GOAT (short for Greatest Of All Time) is a three years old Thrasio-style venture founded by Rishi Vasudev and Rameswar Mishra. The startup was valued at USD 3 billion last year, where USD 100 million was based on profit and USD 500 million as revenue.

Vasudev, who was also the former executive of Flipkart Ventures, commented that this GOAT aims to gather entrepreneurs and their D2C brands along with stakeholders and industry experts so that they can have access to premium resources of apparel and sneakers.

On the other hand, Senior Vice President of Flipkart, Ravi Iyer who is also the Head of Corporate Development, said that the company plans to work with new start-ups with high technology having the potential to address the requirements of the consumer and flourishing businesses.

GOAT Brand Labs confirmed having advanced discussions for acquiring approximately ten brands and is targeting brands of personal care, beauty, fashion, and home & kitchen spaces. Moreover, it now plans to capture online sellers from Amazon and Flipkart as well.

These Thrasio-style platforms, as they are popularly called, are jointly securing USD 300 million across nearly twelve startups having an identical pitch that was never encountered before in India. Some of the well-funded players include 10Club, GlobalBees, and Mensa Brands among others.

Source Credits –

https://www.moneycontrol.com/news/business/startup/thrasio-style-goat-brand-labs-raises-36-million-from-tiger-global-flipkart-ventures-mayfield-7224411.html

 

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Akshay Kedari    

Akshay Kedari

Akshay holds a Bachelor’s degree in computer engineering. Despite having a penchant for software development and the like, Akshay took to writing as a career owing to his passion for the field. Presently, Akshay writes articles for itresearchbrief.com and a few oth...

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