[Funding alert] Premium workwear brand FableStreet raises Rs 21 Cr in Series A led by Fireside Ventures
FableStreet, a Gurugram-based technology-enabled premium workwear brand, has raised Rs 21 crore in Series A led by Fireside Ventures.
Dipanjan Basu, Partner and CFO at Fireside Ventures, said,
“We have been impressed with the strong brand followership and customer excitement for FableStreet. The brand has a sharp understanding of customer needs and has constantly evolved to provide quality and unique solutions to address them. We, at Fireside, believe that personalisation and technology-driven business models will be the new frontrunners in the consumer segment and are pleased to support Ayushi and her vision to provide quality and premium workwear to women.”
Dipanjan is also joining FableStreet as a board member.
Industry power-lifters including Pradeep Parameswaran, President for Uber India and South Asia; Dilip Khandelwal, MD and Head of Technology of Deutsche Bank, and Suhail Sameer, CEO at RP-Sanjiv Goenka Group (FMCG), also participated in the funding round and invested in their personal capacities.
On the fundraise, Ayushi Gudwani, Founder and CEO, FableStreet, said,
“We are building a one-stop destination for all the lifestyle needs of professional women. Since launch, we have seen massive product acceptance, globally, and our ‘my style, your fit’ concept to offer bespoke fits has to be the real differentiator. We are excited to partner with Fireside in this journey to scale FableStreet.”
The company said the newly raised funds will be utilised for market expansion including offline presence, adding product categories, and hiring senior professionals who will partner in the growth and brand building. As a tech-enabled brand, it also plans to invest in artificial intelligence and machine learning to build a customer-recommendation engine, strengthen product development, and set up a tech-enabled, efficient supply chain.
FableStreet, which offers timeless, versatile pieces with custom fits for women, plans to enter offline retail with brand-owned stores in the coming months and will thus be adopting an omnichannel model.
The three-year-old homegrown brand claims to have a significant customer base in India and internationally. It has registered a growth of 50 percent quarter on quarter. The return rate for its products is negligible, and the startup generates half of its revenues from repeat customers, it added in a statement.
According to FableStreet, it operates in a $1.2+ billion workwear industry, which is still a white space and undergoing fundamental evolution with an increasing number of women entering the workforce and with consumers investing in quality clothing.
In 2017, FableStreet had raised an undisclosed sum in seed funding from a clutch of angel investors including Fashion Veteran, Harmeet Bajaj, Unilever Vice President Pameela Pattabiraman, and Fusiontech Ventures, apart from other investors in the consumer, retail, and technology sectors. The brand competes with the likes of Marks & Spencer, Massimo Dutti, and Zara, among others, in the quality workwear category.
(Edited by Athirupa Geetha Manichandar)