The funding round was led by Mumbai-based venture capital firm Prath Ventures
New Delhi: Chandigarh-based fashion brand Theater has raised around 12.5 crore ($1.5 million) in a pre-series A funding round led by Prath Ventures with additional participation from existing angel investors, a release by the company said on Tuesday.
The capital raised will accelerate Theater’s vision of becoming India’s leading design-driven, mass-premium fashion brand, specialising in women’s footwear, stockings, perfumes, and bags, the release added.
“Our mission is to transform the Indian fashion landscape through a design-centric approach,” said Sarthak Aggarwal, chief executive officer (CEO), of Theater. “We are committed to crafting fashion and lifestyle products that are not only exquisitely made but also timeless in design. This funding empowers us to drive growth through new channels like quick commerce, expand our offline presence, and accelerate our design iteration and production processes. We are witnessing remarkable growth across all our categories, and this investment comes at a pivotal moment.”
Founded in 2021 by Sarthak Aggarwal, Vikram Jain, Karan Jain, and Shruti Aggarwal, the brand offers products in the price range of Rs 900 and Rs 4,000 on average. It sells its products through its D2C website and prominent marketplaces.
“Indian consumption story is at its inflexion point and we believe there is a whitespace in categories such as Women’s Shoes and Perfumes. We are thrilled to partner with Sarthak, Vikram, Shruti and Karan to build a category-defining lifestyle brand out of India,” said Piyush Goenka, Managing Partner, Prath Ventures.
Mumbai-based venture capital firm Prath Ventures has invested in three companies including Jimmy Cocktails and Hustle Energy Drink, a Gurugram-based beverages company ($3 million pre-Series A round); Gurugram-based Assembly, a travel goods brand ($2.1 million) and Aukera Grown Diamond Jewellery (amount not disclosed) in the last couple of months. This is the 4th investment from the VC with more brands in the pipeline.
