D2C startup Styched expands its portfolio with Strategic Acquisition of Zymrat
By siliconindia | Friday, 29 September 2023, 11:32 IST
Styched, the leading direct-to-customer (D2C) homegrown fashion and lifestyle brand, has made a significant move by acquiring Zymrat, an innovative performance-wear brand. This strategic acquisition follows Styched's earlier success with Flatheads, which gained recognition on Shark Tank India Season 2. The acquisition was finalized through a cash and equity swap deal, along with the acquihire of the Zymrat leadership team. While the exact financial details remain undisclosed, this marks a significant milestone for both companies. At the time of acquisition, Zymrat had an impressive Annual Recurring Revenue (ARR) of 1 million USD, demonstrating its strong market presence and growth potential.
Soumajit, CEO of Styched, commented, "Zymrat has created a brand known for quality and innovation, aligning perfectly with Styched's vision to democratize fashion globally. Our decision to join forces was swift, driven by the strong synergies we discovered between our teams and our shared goals". Ujjawal Asthana, Co-Founder of Zymrat, stated, "We are absolutely thrilled about this new phase in Zymrat's journey. Joining forces with the Styched team opens up exciting possibilities for us. We eagerly anticipate working closely together to take Zymrat to a global audience and continue towards our larger vision, which is to redefine athletic wear for athletes worldwide".
The acquisition allows Zymrat to continue operating under the same banner, offering its existing and new range of products. Under Styched's guidance, Zymrat will leverage production-on-demand technology to expand its product line and make its high-quality products more accessible by reducing price points. All departments of Zymrat will be seamlessly operated and managed by Styched, with key Zymrat team members contributing to the growth of the Styched Collective. This collective encompasses Styched, Styched Plus, Flatheads, and Zymrat, positioning itself as a formidable player in the semi-premium, engineered sportswear and athleisure market. The overarching vision is establishing a homegrown alternative to global giants like Lululemon and Under Armour. In addition, Styched is preparing to launch Zymrat in the UAE and relaunch Flatheads in India by the end of October.
Durga, COO of Styched, expressed excitement about the acquisition, saying, "I've long been a fan of Zymrat's brand and apparel. I'm thrilled to be part of their growth journey and to contribute to building Styched Collective. This unified platform presents an exciting opportunity to blend our strengths, innovate further, and bring exceptional fashion and performance wear to our valued customers worldwide".
Ankita Riva, Co-Founder of Zymrat, enthusiastically added, "This deal is not just a transaction; it's a validation of our shared vision with Styched. We're excited about the endless potential it brings. Our goal is to expand Zymrat's product offerings across various categories and price points for both men and women, delivering the very best in performance wear and athletic fashion to a diverse global clientele". Zymrat's existing shareholders, including founders Ujjawal and Ankita, marquee angels, and notable venture capital firms, will continue to play an instrumental role in the company's future endeavors.
Read More News :