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Bengaluru, India – July 17, 2023 – Styched, a leading direct-to-consumer (D2C) fashion brand, has acquired Flatheads, a sneaker brand that was featured on the reality TV show Shark Tank India. The deal was reportedly worth ₹100 crore (~$12.5 million USD).
Flatheads was founded in 2016 by Ganesh Balakrishnan and Utkarsh Biradar. The company’s sneakers are known for their comfort and durability. Flatheads was featured on Shark Tank India in 2021, where it received an investment from Ashneer Grover, co-founder of BharatPe.
In a statement, Styched CEO Soumajit Bhowmik said that the acquisition of Flatheads was a “strategic move” to expand the company’s product portfolio and reach new customers. “Flatheads is a well-known and respected brand in the sneaker market,” Bhowmik said. “We are excited to welcome the Flatheads team to the Styched family and to work together to grow the business.”
The acquisition of Flatheads is the latest move by Styched to expand its reach. In 2022, the company raised $20 million in Series A funding. Styched also recently launched its first offline store in Bengaluru.
The acquisition of Flatheads is a sign of the growing popularity of D2C brands in India. D2C brands offer a direct and personalized shopping experience that appeals to many consumers. The Indian D2C market is expected to grow to $100 billion by 2025.
