PremiumFableStreet, premium work wear brand, on Monday raised ₹21 crores in a Series A round, led by Fireside Ventures. Other investors who participated in their personal capacity included Pradeep Parameswaran, President for Uber India and South Asia, Dilip Khandelwal, Managing Director and head of Technology of Deutsche Bank and Suhail Sameer, CEO at RP-Sanjiv Goenka Group.
According to the company, the funds will be utilized for market expansion including building an offline presence, adding product categories and hiring senior professionals who will partner in growth and brand building. As a tech-enabled brand, FableStreet 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 also plans to enter offline retail with brand-owned stores in the coming months and will now adopt an omnichannel model.
Founded in 2016 by Ayushi Gudwani, the company claims to have a significant customer base within India and, internationally and is endorsed by top women CXOs in the country. It claims to have registered a growth of 50% Q-o-Q and generates half of its revenues from repeat customers.
The brand is one of the first Indian brands to tap women’s formal wear and competes with the likes of Marks & Spencer and Zara in quality work wear category.
“We are building a one-stop destination for all lifestyle needs of professional women. Since our 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," said Ayushi Gudwani, Founder and CEO, FableStreet.
Dipanjan Basu, Partner and CFO at Fireside Ventures said: “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."
Basu will also be joining FableStreet as one of the board members.
In 2017, FableStreet had raised an undisclosed sum in seed funding from a clutch of angel investors.
