Style Union, backed by the Biyani family, is in talks to raise over ₹800 crore from Venturi Partners and Elev8. The round would value the chain at ₹7,000 crore as India's value-retail market expands.
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Style Union, the fast-fashion value retail chain backed by the Biyani family, is in talks to raise more than ₹800 crore from investors including Venturi Partners and Elev8 Venture Partners, two people familiar with the matter said.
The round would value the company at over ₹7,000 crore if it proceeds as planned, the people said, asking not to be named because the discussions are private.
Style Union, operated by Nexon Omniverse, launched in 2022 with Rakesh Biyani and Ekta Biyani at the helm. It opened its first stores in Hyderabad and Bengaluru and has since expanded to more than 170 outlets across metro cities and tier-I clusters.
Rakesh Biyani is the cousin of Kishore Biyani, the founder of Future Group, which was sold to Reliance Industries amid financial distress.
Nexon posted revenue of ₹588 crore in FY25, up from ₹351 crore a year earlier. Its loss narrowed to ₹24 crore from ₹37 crore in FY24, according to Ministry of Corporate Affairs filings sourced by Tofler.
The company competes with Zudio, Max Fashion, Reliance Trends and V-Mart Retail. Its expansion strategy focuses on metro and tier-I cities where brand awareness is higher, while it consolidates underperforming locations to improve capital efficiency, company documents reviewed by Mint show.
Nexon launched operations in Maharashtra and Gujarat in 2025-26 through a cluster-led growth model. It deepened its presence in newer and existing areas in the following year, the documents said.
The fundraising comes as India's value-retail chains draw growing investor interest. Mint earlier reported that early backers of Baazar Retail were exploring a stake sale at a valuation of ₹5,000 crore.
India's ₹3.5 trillion apparel market is roughly 40% organized, and 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.
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