Gully Labs has raised ₹26.5 crore (approximately $3 million) in its Series A round of funding. The leading venture capital company, Saama Capital, led this round of investment, and this was a major indication of the confidence that the Indian new D2C (Direct-to-Consumer) market is doing well in the streetwear industry.

Funding details

Series A round had a significant investment by Saama Capital as an anchor investor of ₹22.6 crore. Funding was also characterized by further investment by Zeropearl, an already existing seed-stage investor that contributed ₹3.5 crore. In addition to institutional support, the round included a wide range of high-profile individual and angel investors, such as Roman Saini (Co-founder of Unacademy), Radhika Gupta (MD and CEO of Edelweiss Mutual Fund), Teppan, and Aditya Bhalla. 

To achieve this total capital raise of ₹26.50 crore, the board of Gully Labs gave its approval to issue 10 equity shares and 31,925 Series A compulsorily convertible preference shares (CCPS) at a price of 8,301 each. This new capital injection will make the company worth about ₹147 crore post-money (16.25 million) in value.

Vision and primary objective of Gully Labs

Gully Labs is a sneaker brand based in India. It has the goal of becoming a global household name. The brand seeks to expand the horizons of local narratives and local identities by turning footwear into a cultural canvas due to the desire to break free of the Western-centric design and colonial influences. Their Indian-first ideology is about glorifying the raw, real, and unspoken stories of Indian life, both in the streets of Delhi and in traditional crafts, and makes the Indian culture a worldwide trend and not a niche aesthetic.

Gully Labs has a key mission of transforming the sneaker culture in India by blending the delicate handiwork with modern design. They do this by community first approach and work with the local artists, and with natural resources such as natural rubber, bamboo, and traditional Kantha stitch. 

They work with local karigars (artisans) by offering high-quality and hand-lasted production through a vertically integrated manufacturing unit in Noida. Finally, Gully Labs aims to offer design-oriented customers a unique high-end product that would enable them to both identify with their roots and compete in the global arena of high-end street style clothing.

Conclusion

Gully Labs came into existence because of the need to rebrand the Indian shoe out of the “colonialist influences” and mass production. The brand promotes its sneakers as cultural objects, exploring original Indian stories of the Kulfi summer nostalgia, Patang (kite), and even the collaboration with classic brands like Royal Enfield. The brand philosophy is focused on design-first and local artisanship. Through the local materials and old-style crafts, such as Kantha stitching and Rangoli-inspired designs, Gully Labs has found a way to reach a generation of urban millennials and Gen-Z consumers who embrace fashion concepts based on identity.