Mumbai: Style Union, a fast-fashion value retail chain backed by the Biyani family, is in talks with investors, including Venturi Partners, Elev8 Venture Partners and several high-net-worth individuals, to raise more than ₹800 crore, according to two people familiar with the matter.
If the deal proceeds as planned, the round is likely to value the company at over ₹7,000 crore, they added, requesting anonymity.
Style Union, Venturi and Elev8 did not respond to Mint’s emails sent on Friday.
Style Union, which is operated by Nexon Omniverse, was launched in 2022 by Rakesh Biyani and Ekta Biyani to make everyday fast-fashion for men, women, and children more affordable. It opened its first stores in Hyderabad and Bengaluru and has expanded to over 170 outlets in the past four years.
Nexon is backed by investors such as Ashish Kacholia, Capri Global, Sharrp Ventures and B2V Ventures, among others.
Rakesh Biyani is the cousin of Kishore Biyani, founder of the now-defunct Future Group, which was sold to billionaire Mukesh Ambani’s Reliance Industries Ltd amid financial distress.
Over the past year, Nexon has seen continued consolidation and strategic acceleration across key functions, including product design, customer experience, data-led merchandising, and operational efficiency while seeing growth in store footfalls, conversions, and repeat visits. It competes with brands such as Zudio, Max Fashion, Reliance Trends and V-Mart Retail in the fast-fashion space.
Nexon’s expansion strategy focuses on metro cities and tier-I clusters, where brand awareness and consumer readiness are high, while rationalizing and consolidating underperforming locations to improve overall capital efficiency, according to company documents reviewed by Mint.
The company launched operations in Maharashtra and Gujarat in 2025-26, through a cluster-led growth model while deepening presence in newer and existing areas in the following year. In FY25, Nexon posted a revenue of ₹588 crore compared with ₹351 crore a year earlier. Its losses narrowed to ₹24 crore from ₹37 crore in FY24, according to the ministry of corporate affairs filings sourced by Tofler.
Mint previously reported that early backers of Baazar Retail, which operates the value retail chain Baazar Kolkata, were exploring a stake sale to a new set of investors at a valuation of ₹5,000 crore. The move underscores growing investor appetite for India's value-retail chains, which seek to bridge the gap between quality and affordability.
This comes as India's young population, with nearly 60% of people under the age of 35, and a growing proportion of women entering the formal workforce are reshaping the fabric of consumption. Rising incomes, particularly in urban and semi-urban areas, are driving a shift towards aspirational lifestyles and branded consumption.
Moreover, improving access to financial services, digitization and retail infrastructure are expected benefit brands like Style Union as organized retail emerges as a dominant force, of which apparel retail forms a significant share.
The ₹3.5 trillion Indian apparel market is witnessing a transition, with nearly 40% of it now organized while the fashion retail segment is expected to grow at a compounded annual rate of 10-12% over the next five years, according to the Nexon documents cited earlier.
Sneha Shah is the editor for deals and startups at Mint. Starting off her career in India’s financial capital as a cub reporter for the Mid-day newspaper in the mid-2000s, she later moved on to decode balance sheets and follow the money trail for some of the leading pink publications in the country. She has been covering India’s deals ecosystem for nearly two decades now, closely tracking private- and public-market funding, startups, private equity, venture capital, and investment banking. From breaking some of the biggest deal stories of the past to doing some incisive deep-dives into the latest trends and turnarounds in the industry, she has witnessed the phenomenal growth and transformation of the country’s investment ecosystem from really close quarters. A graduate in journalism, she has worked with The Economic Times, Financial Chronicle, VCCircle and Mid-Day before starting her second stint at Mint in 2022. As a keen observer of India’s startups ecosystem, she aspires to write a book some day, chronicling some of the most inspiring stories the industry has seen so far in its remarkable journey.
Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.<br><br>Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.<br><br>Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.