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.