Styched, the Singapore- based D2C fashion and lifestyle brand has acquired sneaker brand Flatheads.
The mixed cash and equity deal will help Flatheads with the cash payout to fund inventory, pay off vendor debts, and other financial commitments.
The size of the deal or the valuation of Flatheads hasn’t been disclosed. According to market research and data platform Tracxn, Flatheads was valued at US $ 3.53 million post-money as of May 2022.
Founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar, Flatheads was featured in Shark Tank India Season 2 and it had earlier raised funds from We Founder Circle, LetsVenture, and angel investors, among others.
Flatheads will continue to retail its products through its own website, with its mass-market offerings retailed on Styched’s website.
There are reports that Styched is planning to acquire three more brands in the mass-premium segment priced from Rs. 1,000 to Rs. 3,000 for a separate offering, including an athleisure brand, over the next few months. It is also in the process of closing a new round of funding.
Targeting the value shopper, Styched was founded in 2019 by Soumajit Bhowmik and Durga Dash. It is on-demand and zero-wastage, zero inventory or warehousing brand. It has raised US $ 721,000 in angel and seed rounds across three separate rounds of equity fundraising.
