Theater Raises Rs 56Cr in Series A at Rs 402Cr Valuation

By: Women Entrepreneurs Review Team | Wednesday, 9 September 2026

Digital-first fashion brand Theater has raised Rs 56.25 crore (around $6 million) in a Series A funding round led by Niveshaay, with participation from FirstPort Capital, Skagen Ventures and other investors. The funding comes as the company builds on strong growth over the past two fiscal years.

The company had previously raised $1.5 million in a pre-Series A round in September 2024, led by Prath Ventures. The latest round was approved through the issuance of 2,145 Series A CCPS at an issue price of Rs 2, 62,224 per share, according to regulatory filings.

Niveshaay invested Rs 37 crore, while FirstPort Capital contributed Rs 12.81 crore and Skagen Ventures invested Rs 3.36 crore. Saket Agarwal, Vishal Julka and IPV International also participated in the round.

Key Highlights:

• Theater raises Rs 56.25 crore in Series A funding, led by Niveshaay
• The fashion brand’s valuation rises 4.5X to around Rs 402 crore, from Rs 90 crore previously
• Theater will use the fresh funds for expansion, working capital and future growth

According to a report, Theater’s post-money valuation has reached around Rs 402 crore ($43 million), marking a 4.5X increase from its previous valuation of Rs 90 crore. The fresh capital will support business expansion, working capital requirements, balance-sheet strengthening and future growth.

Founded by Sarthak Aggarwa, Karan Jain, Vikram Jain, and Shruti Agarwal, Theater is a digital-first fashion and lifestyle brand offering shoes, bags, stockings, socks, perfumes, and other accessories for men and women.

Following the allotment of this round, Eternal Emerging Enterprises Fund is the biggest institutional investor with 9.71%, followed by Niveshaay with 9.20%, FirstPort Capital with 3.19% and Vishal Julka with 2.54%.

In terms of stakeholding, Sarthak Aggarwal has a stake of 20.63% in the company followed by Karan Jain (16.39%) and Vikram Jain (16.39%). The five-year-old company is partly owned by Shruti Aggarwal, who has a 12.16% stake in the company.

Earlier a report on Moneycontrol had indicated that Theater XYZ was in the process of raising funds via a money-in round with Niveshaay at the helm of which had estimated $4-5 million as the target amount.

Theater has not yet released its results for FY26, but its valuation has grown 4.5X and it has recently raised a round as a testament that investors have seen enough progress, and now wish to support the brand at a higher value. The theater's growth has been steady, with revenues growing by 2.37X to Rs 33.35 crore in FY25, which will help to determine if the company has maintained its momentum in FY26.

Niveshaay is also investing in Theater so that it is expanding its reach in the D2C segment. The firm has recently supported travel and Lifestyle Company Mokobara and innerwear brand XYXX, among its earlier investments are beauty brands Naturis Cosmetics and Innovist.