FableStreet parent raises Rs 50 Cr to support its offline store rollout

FableStreet-parent FS Life has raised Rs 50 crore in a round led by Colossa Ventures and Rahul Garg of IGNITE Growth.

The round also saw participation from existing investors Fireside Ventures and Mirabilis Investment Trust.

Founded in 2016 by Ayushi Gudwani, the startup earlier raised Rs 50 crore in a pre-Series B round led by Fireside Ventures in September 2022.

FS Life will use the majority of the new capital towards offline expansion. The company operates at a revenue run rate of Rs 160 crore and is close to operational break-even, according to a press note.

"The new capital will be used to expand our product categories and strengthen our D2C as well as retail presence," shared Ayushi Gudwani, Founder and CEO at FS Life, in a LinkedIn post.

Its flagship FableStreet brand operates on a "designed for Indian curves" philosophy. The platform is supported by its proprietary sizing algorithm with a database of 300,000 body measurements. Its second brand, Pink Fort, offers a modern take on Indian wear for women.

"Our offline rollout has started off extremely well. We are outperforming competitor brands across all

locations, and our stores are paying back invested capital within 18 months,” said Adarsh Sharma, who was elevated to co-founder last year.

The house of brand currently operates five stores across Mumbai, Pune, and Delhi-NCR and plans to open five more before the end of the current financial year. It plans to open over 100 stores in the next three years.

“While many companies have scaled in the men’s casual wear, Gen-Z and ethnic wear spaces, I believe women’s western wear and modern Indian wear are both spaces up for disruption from homegrown brands. I believe FS Life is perfectly positioned in both these spaces. I am proud to join this journey in building a unique apparel business focused on solving real problems for today’s urban working women and also creating a significant positive impact in a crowded apparel market," said Rahul Garg, Founder and Managing Partner at IGNITE Growth LLP.