Premium work wear brand FableStreet raises Rs 21 crore funding
By Retail4Growth Team | December 10, 2019
The company plans to utilize the newly raised funds for market expansion including offline presence, adding product categories and hiring senior professionals who will partner in growth and brand building.
FableStreet, Delhi-headquartered Ecommerce Company, has raised Rs 21 crore in Series A funding round. The investment was led by Fireside Ventures and saw the participation of 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), who also invested in their personal capacities.
Dipanjan Basu, Partner and CFO at Fireside Ventures is also joining FableStreet as one of the board members. “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 workwear to women.” Said Dipanjan Basu.
According to the company, 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.
Speaking about 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”
With the fresh funding, the company plans to enter offline retail with brand-owned stores in the coming months and will now adopt an omnichannel model.
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.