The deal, structured as an all-equity transaction, marks Bengaluru-based Styched’s entry into the footwear segment.
“Styched plans to incorporate its production-on-demand technology into the footwear category, enabling the seamless expansion of Flatheads’ existing collection,” the company said in a press statement.
Founded in 2018 by Ganesh Balakrishnan and Utkarsh Biradar, Flatheads is a D2C brand that makes casual sneakers for the urban audience. Its backers include We Founder Circle, LetsVenture, and angel investors.
“The technical knowhow of Flatheads would really help us create a wideranging affordable sneakers collection. So, while Styched will continue to play in the sub Rs-1,000 segment, the semi-premium segment would have Flatheads as the flagship brand.”
Styched said that 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 an aggressive hiring phase aimed at strengthening the footwear department within Styched, ultimately elevating the overall offering,” the company added.
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“The Flatheads-Styched deal gives new wings to our idea of creating unique footwear for the young Indian. 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, cofounder of Flatheads.