D2C fashion firm Styched acquires performance wear brand Zymrat
Styched was started in 2019 by Soumajit Bhowmik. It aims to develop a homegrown alternative to global giants like Lululemon and Under Armour.
Styched, the leading direct-to-customer (D2C) homegrown fashion and lifestyle brand, has acquired performance wear brand Zymrat for an undisclosed sum. This is the second acquisition by Styched after the company bought Flatheads, which gained recognition on Shark Tank India Season 2.
The latest acquisition of Zymrat was done through a cash and equity swap deal, and as a part of it, Zymrat's leadership team will join Styched, the company said in a press release.
Founded in 2018 by Ankita Riva and Ujjawal Asthana, Zymrat claims to have an annual recurring revenue (ARR) of $1 million.
"Zymrat has created a brand known for quality and innovation, aligning perfectly with Styched’s vision to democratise fashion globally. Our decision to join forces was swift, driven by the strong synergies we discovered between our teams and our shared goals," said Soumajit, CEO of Styched.
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Zymrat’s existing shareholders include founders Ujjawal and Ankita, marquee angels, and notable venture capital firms such as Anicut Capital, LetsVenture, Dominor Investment, Amit Ranjan (Slideshare), Rashmi Daga (Freshmenu), and others, who will continue to play an instrumental role in the company’s future endeavours.
Styched was started in 2019 by Soumajit Bhowmik. The startup claims it operates on a zero wastage, zero inventory, and zero warehouse model. It aims to develop a homegrown alternative to global giants like Lululemon and Under Armour.
In the startup space, last week, enterprise software major Salesforce signed a definitive agreement to acquire Airkit.ai, a creator of artificial intelligence (AI)-powered customer service applications and experiences, to expand AI capabilities.