Styched, the direct-to-consumer (D2C) fashion and lifestyle brand, has completed an acquisition of Zymrat, a performance wear brand, through a combination of cash and equity exchange.
Without revealing the financial particulars of the agreement, Styched has stated that it acquihired Zymrat’s team.
Founded in 2018 by Ankita Riva and Ujjawal Asthana, Zymrat boasts an annual recurring revenue (ARR) of $1 million.
Following the acquisition, Zymrat will concentrate on broadening its product range and reaching a broader audience through price point reductions.
According to a statement, even as Zymrat comes under the operational and managerial purview of Styched, Zymrat’s employees will remain actively engaged, contributing to the expansion of the Styched Collective, encompassing Styched, Styched Plus, Flatheads, and Zymrat.
The current shareholders of Zymrat, which include founders Riva and Asthana, as well as Anicut Capital, LetsVenture, Dominor Investment, and others, will remain actively involved in shaping the brand’s future endeavors.
Established in 2019 by Soumajit Bhowmik, Styched asserts its operation on a model characterized by zero wastage, zero inventory, and zero warehouse.
Styched is committed to creating a domestic counterpart to international giants such as Lululemon and Under Armour. The direct-to-consumer (D2C) brand is preparing for the launch of Zymrat in the UAE and the reintroduction of the acquired sneaker brand, Flatheads, 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.”
Analytical insights reveal that the Indian fashion industry was valued at $20 billion in 2022 and is projected to surge to $112 billion by 2030, achieving a remarkable 24% Compound Annual Growth Rate (CAGR).
Consequently, there is a surge in the introduction of new fashion brands. Just last month, Flipkart unveiled an in-app fashion vertical called SPOYL, with a focus on catering to Gen Z customers.
Meanwhile, there have been reports indicating that Mukesh Bansal, a serial entrepreneur renowned for founding the e-commerce giant Myntra, is in talks to raise $50 million for his latest venture in the premium fashion industry.