Mumbai-based fashion rental startup Flyrobe raises $3.6 M from Sequoia, others

Founded by IIT Bombay alumni Shreya Mishra, Pranay Surana and Tushar Saxena in 2015, Flyrobe has previously raised angel investments from Kunal Bahl and Vijay Shekhar Sharma.

Mumbai-based online fashion rental startup Flyrobe raised around $3.6 million (Rs 26.4 crore) from multiple investors in a round that was led by Sequoia Capital, documents filed with Registrar of Companies (RoC) shows.

While Sequoia pumped in Rs 10.1 crore, IDG Ventures infused Rs 6.1 crore in the round. Flyrobe founders Pranay Surana and Shreya Mishra also participated in the round and together infused around Rs 1 crore.

The funding comes at a time when the company has been expanding offline across multiple cities. 

Omapal Technologies Private Ltd, that runs Flyrobe, issued 4,049 shares worth of Rs 100 at a premium of Rs 65,619.04 per share. Other investors who participated in the round are Vistra ITCL (India) Limited, AT II Investment Limited Partnership and Bengaluru-based garment company Silver Crest Clothing Private Ltd.

The rental startup previously raised $5.3 million in 2016 in Series A funding round that was led by IDG Ventures and Sequoia Capital and Tokyo-based fund GREE Ventures also participated in the round.

Flyrobe was founded in 2015 by three IIT Bombay alumni - Shreya Mishra, Pranay Surana and Tushar Saxena. The startup has earlier raised angel investments from Snapdeal founders Rohit Bansal and Kunal Bahl, Paytm CEO Vijay Shekhar Sharma and others.

The company showed its revenue from operations at Rs 2.06 crore in the financial year 2017, compared to revenues of Rs 29.73 lakh the previous financial year. Its losses widened to Rs 18.4 crore in FY17, up from Rs 1.7 crore in the previous year.