According to Shreya Mishra, chief executive officer, Flyrobe, the platform has a curated collection of apparel and accessories from designers such as Ritu Kumar, Masaba Gupta, Quirk Box, Outhouse, etc, and rents it to customers at a fraction of its retail price.
In a Series A round of funding, fashion rental platform Flyrobe has raised Rs 35 crore from a clutch of investors led by IDG Ventures. While existing investor Sequoia India participated in this round of funding, it was a debut investment in India for Tokyo-based GREE Ventures.
According to Shreya Mishra, chief executive officer, Flyrobe, the platform has a curated collection of apparel and accessories from designers such as Ritu Kumar, Masaba Gupta, Quirk Box, Outhouse, etc, and rents it to customers at a fraction of its retail price. "Women spend a lot buying occasion wear which they hardly repeat. We are re-imagining this $50 billion fashion industry with a pay per use model. Customers use Flyrobe for occasions ranging from a weekend party to a friend's wedding, said Mishra adding that the objective behind this venture is to build India's largest virtual closet so that women can wear anything they fancy without needing to buy it.
Last year, Flyrobe had raised $1.7 million in seed funding led by Sequoia India. The new round of funding takes the total funds raised to $7 million in the last 12 months. Among existing investors in the venture include angel investments from e-commerce stalwarts - Kunal Bahl and Rohit Bansal, founders of Snapdeal, Vijay Shekhar Sharma CEO of Paytm, Kunal Shah and Sandeep Tandon, founders of Freecharge, Zishaan Hayath, CEO, Toppr and Leon Seynave, chairman, Stanhope Capital.
The platform launched in September last year by IIT-Bombay alumni Pranay Surana, Tushar Saxena and Mishra has grown four times in the last eight months. And according to company management, approximately 50% customers repeatedly transact on the platform every month.
"With this round of funding we will continue to scale the business and grow 4-5x by March 2017, triple our designer roster to 150 and launch in five more cities," said Mishra, adding that Flyrobe is live in Mumbai and Delhi and will soon launch in Hyderabad and Bangalore.
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