Fashion brand, Theater, known for its footwear, stockings, perfumes and bags, on Thursday said that it has raised ₹75 crore in a Series A funding round led by Niveshaay. The round saw participation from new investor Physis Capital, alongside continued participation from existing investors, including Prath Ventures. The round values Theater at ₹410 crore post-money.
Founded in 2021 by Sarthak Aggarwal, Vikram Jain, Karan Jain, and Shruti Aggarwal, Theater aims to bridge the gap between imported luxury and mass-market basics. “Over the last two years, the brand has scaled 8 x, with a growing, design-obsessed customer base and consistent focus on profitability,”it said in a statement.
Sarthak Aggarwal, Co-founder & CEO, Theater, said, “We started Theater because we couldn’t find beautiful, well-made accessories in India that weren’t either a luxury import or a compromise. So we decided to build them ourselves – made in India and priced for a generation that cares deeply about design but doesn’t want to pay luxury prices. This fundraise gives us the partners and capital to take Theater from a fast-growing fashion startup to a nationally recognised brand.”
With this round, the fashion brand aims to double down on its offline expansion across Tier 1 and Tier 2 cities as it aims to build a national footprint besides brand-building initiatives.
“At Niveshaay, we back category-creating brands that address clear market gaps and have strong consumer pull. Footwear, stockings and bags remain largely unorganised, with limited design-led options for the aspirational Indian woman. Theater has built exactly that, with evergreen, design-led products that consumers have discovered organically. The opportunity is significant, with India’s mass-premium fashion segment growing ahead of the broader market, alongside rising female workforce participation.”