Premium Work Wear Brand FableStreet Raises INR 21 Crores in Series A led by Fireside VenturesPTI | New Delhi | Updated: 09-12-2019 17:53 IST | Created: 09-12-2019 17:53 IST
• Pradeep Parameswaran, President for Uber India and South Asia; Dilip Khandelwal, MD and Head of Technology, Deutsche Bank, and Suhail Sameer, CEO at RP-Sanjiv Goenka Group (FMCG) have also participated in the round in personal capacity
NEW DELHI, Dec. 9, 2019 /PRNewswire/ -- FableStreet - a technology-enabled premium work wear brand, offering timeless, versatile pieces, with custom fits for women, has raised INR 21 crores in Series A led by Fireside Ventures. 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), have also participated in this round and invested in their personal capacities.
The newly raised funds will be utilized for market expansion including offline presence, adding product categories and hiring senior professionals who will partner in growth and brand building. As a tech-enabled brand, it also plans to invest in AI and machine learning to build a customer recommendation engine, strengthen product development and set up a tech-enabled efficient supply chain. FableStreet is already ahead of curve in this space with its strong data-backed proprietary tailored fit algorithm - a sizing algorithm that only requires the customer to provide three body measurements online to extrapolate the remaining measurements to 95% accuracy and build a custom-fit garment.
FableStreet plans to enter offline retail with brand-owned stores in the coming months and will now adopt an omnichannel model.
The three-year-old home-grown brand has a significant customer base within India and, internationally and, is endorsed by top women CXOs in the country. It has registered a growth of 50% Q-o-Q. The return rate for its products is negligible, in contrast to most e-commerce players, owing to their focus on product quality and fits. Besides, it generates half of its revenues from repeat customers - a proof of its brand loyalty.
The brand is one of the first Indian brands to tap the growing white space of women's formal wear with a unique business model and competes with the likes of Marks & Spencer, Massimo Dutti, Zara amongst others in quality workwear category.
On the fundraise Ayushi Gudwani, Founder and CEO, FableStreet said, "We are building a one-stop destination for all 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."
Dipanjan Basu, Partner and CFO at Fireside Ventures quoted, "We have been impressed with 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 personalization 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 work wear to women."
Dipanjan is also joining FableStreet as one of the board members.
FableStreet operates in a $1.2+ Billion work wear industry which is still a white space and undergoing fundamental evolution with increasing the 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; Fusiontech Ventures and other investors in the consumer, retail and technology sectors.
Founded in 2016, FableStreet is a product-oriented, R&D backed brand that provides tailored-fit western professional wear for women along with minimal jewellery and extra comfortable footwear. Utilizing premium quality fabrics and a three-body measurement algorithm, each garment is made-to-order and personally curated to fit the needs of every body type. Our special focus is given to each body type keeping in mind the challenges associated with sizes and fitting. The brand is a reflection of a modern professional woman - smart, intelligent, fun, caring and ambitious - and celebrates real women and their uniqueness.
Available for purchase on their website - https://www.fablestreet.com/
About Fireside Ventures
Launched in May 2017, Fireside Ventures is an early stage venture fund with a focus on consumer brands. Fireside invests in young start-ups and supports them through their evolution by providing in house resources along with a partner and advisor network. The fund invests in consumer brands across sectors such as food and beverages, personal care, lifestyle and home products etc. Fireside Fund I is anchored by a slew of marquee investors, including Premji Invest, Westbridge Capital, Mariwala Family Office, Unilever Ventures, Emami Ltd., RP-Sanjiv Goenka Family Office, Sunil Munjal's Hero Enterprise Investment Office and ITC Ltd. Fireside Fund II is anchored by Indian and global investors and institutions. L'Oréal's corporate venture capital fund BOLD (Business Opportunities for L'Oréal Development) has also invested in the second fund. The advisory board of Fireside Fund I comprises of Industry veterans: Amit Agarwal, Senior VP Amazon and Country Manager India; Harsh Mariwala, Chairman, Marico Ltd; Sri Rajan, Chairman, Bain & Company India and Aditya Ghosh - CEO of OYO Rooms, India and South Asia and former president IndiGo Airlines. The current portfolio of 20 brands includes FableStreet, SARVA, Gynoveda, Yoga Bar, Samosa Singh, Goodness Beverages, Design Café, Bombay Shaving Company, boAt audio, Mama Earth, Vahdam Teas, Magic Crate, Pipa Bella, Azani, Bog Orchid, The Ayurveda Experience, Kapiva Ayurveda, Tasty Tales, Anka Sumore and Alpha Vector (Frog Bikes). One of Fireside's early investment, Kwik 24 was acquired by Big Basket.
Website link https://firesideventures.com/
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)