Tiger Global-backed GOAT Brand Labs earns Rs 80L revenue in first year of operations
GOAT Brand Labs was founded in June 2021 and filed its first annual report this year. The company recorded a loss of Rs 9.92 crore.
GOAT Brand Labs, the owner of and The Label Life, recorded a revenue of Rs 80 lakh in FY22, its first year of operations. It incurred a loss of Rs 9.92 crore in the same period.
The house of brands firm filed its first annual report for the year ended March 31, 2022, earlier this year. GOAT has raised about $88 million in funding so far from Tiger Global Management, Flipkart Ventures, Venture Catalysts, and Mayfield. Its recent fundraise was in June 2022 when it raised $50 million in a mix of equity and debt.
Founded by Rishi Vasudev and Rameswar Misra in 2021, the Bengaluru-based company has 20 brands in its portfolio including home and lifestyle brand Chumbak, apparel firm The Label Life, women's ethnic brand Imara, and skincare brand Neemli Naturals.
House of brands is an ecommerce strategy wherein a company acquires several brands across categories and hosts them under one brand name. Also called ecommerce rollup brands, the concept gained popularity when US-based Amazon aggregator entered India in early 2020 to add Indian brands to its global portfolio. Since then, at least a dozen Thrasio-style firms have come up in India including Accel-backed Mensa Brands, Northern Arc-backed UpScalio, and Chiratae Ventures-backed GlobalBees.
acquired five direct-to-consumer brands in January this year, including Chumbak, one of its biggest acquisitions. It now owns 80% of the lifestyle brand.
“Chumbak, since its founding days, has been an Indian homegrown (direct-to-consumer) brand that appeals to a global audience," Rishi Vasudev, Co-founder and CEO of GOAT Brand Labs, said in a statement at the time of acquisition. "Our vision is to make Indian D2C brands world famous and we have built multiple capabilities for that."
The company had said that it plans to grow Chumbak to Rs 500 crore by 2025, leveraging its capabilities in brand building, digital marketing, online and offline growth, and expansion to international markets.
(The article was updated to change some numbers from Rs Lakh to Rs Crore)
Edited by Megha Reddy