Styched has acquired Zymrat in a cash and equity swap deal and also acquihired the latter’s team
Founded in 2018 by Ankita Riva and Ujjawal Asthana, Zymrat claims to have an annual recurring revenue (ARR) of $1 Mn
This is the second acquisition by Styched, which acquired sneaker brand Flatheads in July this year
D2C fashion and lifestyle brand Styched has acquired performance wear brand Zymrat in a cash and equity swap deal.
Without disclosing the financial details of the deal, Styched said it has acquihired Zymrat’s team.
Founded in 2018 by Ankita Riva and Ujjawal Asthana, Zymrat claims to have an annual recurring revenue (ARR) of $1 Mn. Zymrat also featured in Inc42’s ‘30 Startups To Watch’ list last year.
With the acquisition, Zymrat will focus on expanding its product line and approaching a wider audience by reducing price points.
While Zymrat will be operated and managed by Styched, employees of Zymrat will continue to work and contribute to the growth of Styched Collective, which encompasses Styched, Styched Plus, Flatheads, and Zymrat, a statement said.
Zymrat’s existing shareholders, including founders Riva and Asthana, Anicut Capital, LetsVenture, Dominor Investment, among others, will continue to contribute to the future endeavours of the brand.
Launched in 2019 by Soumajit Bhowmik, Styched claims it operates on a zero wastage, zero inventory, and zero warehouse model.
Styched aims to develop a homegrown alternative to global giants like Lululemon and Under Armour. The D2C brand is gearing up to launch Zymrat in the UAE and relaunch sneaker brand Flatheads, which it acquired in July, in India next month.
Commenting on the acquisition, Zymrat cofounder Asthana said, “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 around the world.”
According to Inc42’s analysis, the market value of the Indian fashion industry stood at $20 Bn in 2022, which is expected to grow to $112 Bn by 2030 at a 24% CAGR.
As a result, a number of new brands are being launched in the fashion segment. Last month, Flipkart launched an app-in-app fashion vertical, SPOYL, targeting Gen Z customers.
Meanwhile, serial entrepreneur Mukesh Bansal, founder of ecommerce giant Myntra, was also reported to be in talks to raise $50 Mn for his new venture in the premium fashion space.