Digital-first fashion and lifestyle brand Theater has raised Rs 56.25 crore (around US $6 million) in a Series A funding round led by Niveshaay, an investment advisory firm, with participation from FirstPort Capital, Skagen Ventures and other investors
The fresh capital will be used for business expansion, working capital requirements, strengthening the balance sheet and supporting future growth.
According to regulatory filings, the company’s board approved the allotment of 2,145 Series A compulsorily convertible preference shares (CCPS) at an issue price of Rs 2,62,224 per share to raise the capital.
Niveshaay invested Rs 37 crore in the round, followed by FirstPort Capital with Rs 12.81 crore and Skagen Ventures with Rs 3.36 crore. Saket Agarwal, Vishal Julka and IPV International also participated.
The latest funding round marks a significant increase in Theater’s valuation. According to reports, the company’s post-money valuation stood at around Rs 402 crore (US $43 million), compared with Rs 90 crore in its previous funding round.
Founded by Sarthak Aggarwal, Karan Jain, Vikram Jain and Shruti Agarwal, Theater is a digital-first fashion and lifestyle brand offering footwear, bags, stockings, socks, perfumes and other accessories for men and women.
Following the latest allotment, Eternal Emerging Enterprises Fund remains the company’s largest institutional shareholder with a 9.71% stake, followed by Niveshaay at 9.20%, FirstPort Capital at 3.19% and Vishal Julka at 2.54%.
Among the founders, Sarthak Aggarwal holds a 20.63% stake, while Karan Jain and Vikram Jain hold 16.39% each. Shruti Aggarwal owns 12.16%.
