NEW DELHI: Gully Labs, a premium sneakers and streetwear brand backed by Zomato CEO Deepinder Goyal, is reportedly in discussions to raise $5–8 million (₹45–70 crore) from Saama Capital, according to market sources.
The potential fundraising comes amid increased investor appetite for premium lifestyle and footwear startups targeting India’s rapidly growing youth-centric fashion segment.
Gully Labs positions itself as a design-first handcrafted sneaker brand, blending modern craftsmanship with cultural influences.
According to Indian Retailer and Tracxn, the startup has been expanding aggressively and plans to deploy the incoming funds toward opening physical retail stores, scaling production capabilities and accelerating brand marketing and collaborations.
The interest in Gully Labs aligns with a broader investment trend toward aspirational fashion, streetwear and premium footwear, a segment that has seen sharp acceleration as Indian Gen-Z and urban millennials shift preference from mass-market footwear to curated boutique-quality designs.
Industry analysts cited by Moneycontrol say investors now view lifestyle categories as strong opportunities for sustained margin growth compared to traditional D2C sectors such as beauty and personal care.
The fundraise also follows Deepinder Goyal’s renewed push into consumer-brand investments, highlighted most recently by his participation in Blinkit’s growth expansion following Zomato’s acquisition.
His involvement is seen by market observers as both financial support and brand credibility for emerging consumer startups.
Zomato’s latest quarterly results underscore how losses in its quick-commerce vertical — driven by aggressive expansion of Blinkit — weigh on consolidated profitability.
According to filings, Zomato infused an additional ₹500 crore into Blinkit earlier this year, taking total investment since takeover to approximately ₹2,800 crore.
This infusion underlines Goyal’s continued financial commitment to Blinkit even as Zomato charts a path toward scaling dark stores and broadening quick-commerce reach.
