The deal, structured as an all-equity transaction, represents Styched’s foray into the footwear segment…reports Asian Lite News
Fashion e-commerce company Styched on Monday said it has acquired Flatheads, a direct-to-customer (D2C) online casual sneaker startup that gained recognition on Shark Tank India season 2.
Founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar, Bengaluru-based Flatheads is specialises in designing all-day wear casual sneakers for the urban audience.
The deal, structured as an all-equity transaction, represents Styched’s foray into the footwear segment.
“The technical know-how of Flatheads would really help us create a wide range of affordable sneakers collection. While Styched will continue to play in the sub-Rs 1,000 segment, the semi-premium segment would have Flatheads as the flagship brand,” said Soumajit Bhowmik, CEO at Styched.
Initially, Flatheads will continue offering its existing range of products, with all departments now being operated and managed by Styched.
This will be followed by a hiring phase aimed at strengthening the footwear department within Styched, said the company.
“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 Balakrishnan.
Styched’s founders have been associated with brands like Jabong, Amazon and Foodpanda at leadership positions.
