FableStreet raises $2.9 million in Series A round of funding
FableStreet, a fashion brand that claims to offer premium work-wear for women, has raised $2.9 million in Series A round. The investment was led by Fireside Ventures, along with participation from individual investors including Uber India president Pradeep Parameswaran; Dilip Khandelwal, MD and head of Technology of Deutsche Bank, and Suhail Sameer, CEO at RP-Sanjiv Goenka Group (FMCG). Here's more about FableStreet.
FableStreet was started in 2016 by Ayushi Gudwani, an electronics engineer and an IIMC alumnus, to offer quality apparels for working women. The start-up offers multiple products including tops, shirts, pants, skirts and belts with prices ranging from Rs. 1,700 to Rs. 3,500. The company claims to have built a strong fan-following from working women in tier 1 Indian cities.
"We've 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," said Dipanjan Basu, CFO at Fireside Ventures, while speaking about their investment.
Now, FableStreet will use the fresh funds to scale up its technical infrastructure and invest in AI and machine learning to build a customer recommendation engine and develop a tech-enabled supply chain network. The company will also invest in expanding its product portfolio and start offline sales with brand-owned brick-and-mortar stores. Plus, it will increase its headcount and hire more senior professionals.
Before this investment, FableStreet had raised an undisclosed amount in a seed round from a bunch of angel investors, including Kanwaljit Singh, Managing Director of Fireside Ventures, fashion designer Harmeet Bajaj, and others in 2017. The start-up focuses on a particular niche of clothing but competes against the likes of leading fashion e-commerce giants such as Myntra, Jabong, and Voonik among others.