Sensedynamic Fashions India Pvt Ltd, which operates fashion e-commerce startup Styched, on Monday said it has acquired direct-to-consumer (D2C) casual sneaker brand Flatheads in an all-equity transaction, thus marking the startup’s first acquisition.
The financial details of the transaction remained undisclosed.
The Bengaluru-based startup aims to expand into the footwear sector with the acquisition of Flatheads. It plans to incorporate its production-on-demand technology into the footwear category, enabling the expansion of Flatheads' existing collection.
“The technical know-how of Flatheads would help us create a range of affordable sneakers collection. So, while Styched will continue to play in the sub-Rs 1000 segment, the semi-premium segment would have Flatheads as the flagship brand,” added Soumajit Bhowmik, chief executive officer, Styched.
Founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar, Flatheads specialises in designing all-day wear casual sneakers for the urban demographic.
In 2021, the D2C startup raised $1 million in a pre-Series A round led by startup investment platform We Founder Circle and Dexter Angels. The round also saw investors including Gaurav Kapur, founder of Oaktree Sports; Sahil Barua, co-founder of Delhivery; and Radhika Ghai, co-founder of ShopClues.
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.
Meanwhile, Styched is an apparel brand, which was started in the year 2019. The Bengaluru-based startup raised an undisclosed amount in a seed funding round from angel investors Anjan Dutta, (ex-Educomp), Iqbal Ahmed (Capillary Tech) amongst other investors.
