Styched, an online youth fashion brand, has announced its acquisition of Flatheads, a Direct-to-Customer (D2C) online casual sneaker startup that gained fame in Shark Tank India season 2.
This is Styched's first acquisition. 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 a D2C brand specialising in designing all-day wear casual sneakers for the urban audience.
Styched said that Flatheads is the first Indian brand to introduce bamboo fibre shoes. It raised funds from We Founder Circle, LetsVenture, and angel investors, among others.
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.
Soumajit Bhowmik, CEO at Styched, said, “We have been following Flatheads for quite some time, and I have personally interacted with Ganesh earlier. The acquisition opportunity came to us through a common investor, and we felt it would be a perfect deal for us considering we wanted to launch sneakers in a big way within Styched as well. The technical know-how of Flatheads would really 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 would 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 a hiring phase aimed at strengthening the footwear department within Styched.