FableStreet, a Gurugram-based technology-enabled premium workwear brand, has raised Rs 21 crore in Series A led by Fireside Ventures. The investment was led by Fireside Ventures, with 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).
Dipanjan Basu, partner and CFO at Fireside Ventures is also joining FableStreet as one of the board members. Prior to this round, in 2017, FableStreet had raised an undisclosed amount of seed funding from angel investors, including Harmeet Bajaj, Unilever vice president Pameela Pattabiraman, Fusiontech Ventures and other investors in the consumer, retail and technology sectors.
Founded in 2016 by Ayushi Gudwani, FableStreet is a premium workwear brand, which prides itself on being product-oriented as well as R&D backed brand. The company claims that utilising 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.
The company plans to use the funds towards market expansion including offline presence and adding product categories. FableStreet is also looking at hiring senior professionals, who will partner in growth and brand building.
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.”
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 claims to have a significant customer base within India and internationally. FableStreet claims to have registered a growth of 50% Q-o-Q and claims to generate half of its revenues from repeat customers.
With the fresh funding, FableStreet plans to enter offline retail with brand-owned stores in the coming months. The company said it will now adopt an omnichannel model. 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.
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.
More from Entrepreneur
Online cosmetics and beauty products retailer Purplle has raised $8 Mn in Series C funding round from Belgium-based investment firm …
Online baby care brand Mamaearth has raised ₹130 crore (about $18.14 million) in a round led by Sequoia Capital India, the …
India's second-largest microfinance firm Satin Creditcare NetworkNSE -4.93 % has raised $15 million in external commercial borrowing (ECB) from OeEB, …