GOAT Brand Labs raises $21 million to drive omnichannel expansion

Bengaluru-based e-commerce roll-up startup GOAT Brand Labs has secured $21 million in a combination of debt and equity funding. This funding round was led by prominent investors, including BlackRock, Mayfield, and NB Ventures. The fresh capital will be used to drive the growth of its portfolio brands, such as Chumbak, trueBrowns, The Label Life, Pepe Jeans Inner Fashion, Voylla, Petcrux, and Nutriglow.

The startup did not disclose the specific breakdown between debt and equity or the valuation at which the funding was secured. GOAT Brand Labs plans to use the new funds to expand its presence across multiple channels, including quick commerce, brick-and-mortar stores, and exports. The company aims to achieve EBITDA profitability in the second half of FY25.

"We are experiencing strong momentum in the D2C space," said Rishi Vasudev, Co-founder of GOAT Brand Labs. "Given the strength of our brands, our omnichannel strategy is taking shape. We will utilize this capital primarily for growth, focusing on quick commerce, exports, and offline stores. Our brands are scaling profitably, with some nearing the INR 100 crore ARR mark."

In light of ongoing discussions and investor interest, the startup announced that the investment round will be extended and is expected to close at around $30 million.

In June 2022, GOAT Brand Labs raised $50 million in a mix of equity and debt. The Bengaluru-based company competes with Mensa Brands, which owns brands like My Fitness, Pebble, and others.

Founded by Rishi Vasudev and Rameswar Misra in May 2021, GOAT Brand Labs is an aggregator of D2C brands, investing in digitally native brands across categories such as fashion, home, beauty, and personal care. To date, it has raised over $80 million from investors including Tiger Global, Flipkart Ventures, Rockstone Ventures, Nordstar, and Better Capital.