Gully Labs Raises Rs 26.5 Crore in Series A Funding

Sneaker brand Gully Labs has raised Rs 26.5 crore ($3 million) in its Series A funding round, which was led by Saama Capital. The round also included participation from seed round investor Zeropearl and several individual investors.

The board at Gully Labs has approved the issuance of 10 equity shares and 31,925 Series A compulsorily convertible preference shares (CCPS) at an issue price of Rs 8,301 per share, with the aim of raising Rs 26.50 crore, according to a regulatory filing with the Registrar of Companies (RoC).

Saama Capital spearheaded the funding with an investment of Rs 22.6 crore, and Zeropearl contributed Rs 3.5 crore. Other notable participants included Teppan with Rs 20 lakh, Unacademy co-founder Roman Saini with Rs 10 lakh, Edelweiss Mutual Fund MD and CEO Radhika Gupta with Rs 10 lakh, and angel investor Aditya Bhalla with Rs 4 lakh.

The recent investment will be used for business expansion and various corporate objectives. According to estimates from Startup Superb, Gully Labs is valued at approximately Rs 147 crore ($16.25 million) on a post-money basis.

After this funding round, Saama Capital VI LP has become the largest stakeholder with a 15.40% ownership, while Zeropearl Fund holds a 10.21% share. Prior to this funding, the company had raised about $1 million in seed capital in June of the previous year.

Co-founded in 2023 by Arjun Singh and Animesh Mishra, Gully Labs operates a direct-to-consumer sneaker brand that draws inspiration from Indian street culture. The company handles design and manufacturing in-house and primarily sells its products through its official website.

Gully Labs has yet to disclose its FY25 financial outcomes. The brand competes against other players such as Comet, which raised $5 million in 2024, Neemans, which has recently started new fundraising efforts, as well as Solethreads, Zeesh, and others.