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D2C fashion and accessories startup Theater has raised ₹75 Cr (around $7.8 Mn) in a Series A funding round led by investment firm Niveshaay. The round also saw participation from new investor Physis Capital and existing investors, including Prath Ventures, the startup said in a statement. It valued the startup at a post-money valuation of ₹410 Cr (about $43 Mn). Theater plans to deploy the fresh capital to expand its offline retail footprint across Tier I and II cities. It will also invest in brand-building initiatives, including celebrity partnerships and marketing campaigns. Theater is looking to combine its digital-first operations with an expanding physical retail presence as it seeks to build a nationally recognised mass-premium fashion brand. Founded in 2021 by Sarthak Aggarwal, Vikram Jain, Karan Jain and Shruti Aggarwal, Theater offers footwear, stockings, perfumes, and bags. The startup focuses on cruelty-free fashion and accessories positioned between imported luxury products and mass-market offerings. The company claims to have grown eightfold over the past two years while maintaining a focus on profitability. However, it did not disclose its revenue or profit figures in the statement. Theater previously raised $1.5 Mn in a pre-Series A funding round led by Prath Ventures in September 2024. Theater competes with the likes of FableStreet, Miraggio, Huemn in the Indian apparel space, which is projected to reach $117.05 Bn by 2034. The funding comes as a growing number of Indian D2C fashion and lifestyle brands are expanding beyond online channels and building omnichannel businesses. Startups are increasingly using physical stores to improve brand discovery and customer experience while continuing to leverage ecommerce for scale. For instance, D2C lifestyle brand Salty recently raised ₹30.1 Cr in January to expand its product portfolio, strengthen its ecommerce and quick commerce presence, and set up a flagship store. In March, omnichannel streetwear brand Bonkers Corner raised $15 Mn to fuel its offline expansion plans.
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