New Delhi: Styched, a prominent online youth fashion brand, is thrilled to announce its acquisition of Flatheads, a Direct-to-Customer (D2C) online casual sneaker startup that gained fame on Shark Tank India season 2. This strategic move marks Styched’s first acquisition, solidifying its position as a leader in the fashion industry. The deal, structured as an all-equity transaction, represents Styched’s foray into the footwear segment.
Founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar, Bangalore-based Flatheads is an innovative D2C brand that designs all-day wear casual sneakers for the urban audience. Notably, they are the first Indian brand to introduce bamboo fibre shoes, catering to the unique needs of the tropical Indian climate. It raised funds from We Founder Circle, LetsVenture, and angel investors.
Bengaluru-based Styched, already known as a production-on-demand fashion apparel brand, will expand into the footwear sector by acquiring Flatheads. Leveraging its expertise in production, Styched plans to incorporate its production-on-demand technology into the footwear category, enabling the seamless expansion of Flatheads’ existing collection.
On the acquisition, Soumajit Bhowmik, CEO at Styched, affirmed, “We have been following Flatheads for quite some time, and I have personally interacted with Ganesh earlier. The acquisition opportunity came to us through an ordinary investor, and it would be a perfect deal for us, considering we wanted to launch sneakers in a big way within Styched as well. Flatheads’s technical know-how would help us create a wide range of affordable sneakers collections. So, while Styched will continue to play in the sub-1000 INR segment, the semi-premium segment will have Flatheads as the flagship brand.
“The Flatheads-Styched deal gives new wings to our idea of creating unique footwear for the young Indian. Styched has changed the operating model of creating and delivering fashion, and I’m very excited to see Flatheads taking the next leap together. Young Indians are just starting to flaunt their sneakers as a new fashion and lifestyle statement. The market is evolving, and it will be a unique journey for the category, different from other parts of the world. It will be fulfilling to see Flatheads being an integral part of the market creation and growth,” said Ganesh Balakrishnan, Co-Founder of Flatheads.
Initially, Flatheads will continue offering its existing range of products, with all departments now being operated and managed by Styched. This development will be followed by an aggressive hiring phase to strengthen the footwear department within Styched, ultimately elevating the overall offering.
With this acquisition, Styched reinforces its commitment to providing fashion-forward choices for the youth market, expanding its product range, and embracing innovation in the rapidly evolving fashion landscape.
About Styched
Styched is India’s largest online youth fashion brand. It was started by fashion enthusiasts who have been in the e-commerce business for most of their careers and have been part of IIT Kharagpur & ISB grads by education. The founders have been associated with brands like Jabong, Amazon, and Foodpanda, to name a few, in leadership positions.
