G.O.A.T Brand Labs raises $21 mn from BlackRock, Mayfield, others

G.O.A.T Brand Labs, the leading direct-to-consumer (D2C) house of brands, has raised $21 million (Rs 175 crore) in fresh funding backed by BlackRock, Mayfield, NB Ventures and others. G.O.A.T was founded by Rishi Vasudev and Rameswar Misra, who bring with them decades of expertise in this space. Vasudev, a veteran retail executive, previously headed Flipkart's fashion business.

As the Indian direct-to-consumer story looks set to grow steadily in FY25 and beyond, the company is looking to use these funds to fuel the growth of the brands in their portfolio - Chumbak, trueBrowns, The Label Life, Pepe Jeans Inner Fashion, Voylla, Petcrux and Nutriglow.

“We are seeing strong tailwinds in the D2C space. Given the strength of our brands, an omnichannel play is panning out. We will use the capital from this round largely for growth - expanding our business in Quick Commerce, exports, and offline stores,” said Rishi Vasudev, co-founder of G.O.A.T Brand Labs. “Our brands are seeing good profitable scale-up with a couple of them just a few quarters away from the Rs 100 crore annual recurring revenue (ARR) mark. The company is all set to hit a profitable revenue of over Rs 500 crore ARR in the next 9-12 months,” he added.

While GOAT has completed the $21 million raise, the round is likely to get extended and close at about $30 million given the interest and the active discussions.