Fablestreet raises Rs 21 crore, plans to enter offline market
today Dec 9, 2019
Fablestreet, a premium workwear brand, has raised Rs 21 crore ($3 million) in a series A round led by Fireside Ventures. With this investment, Fireside will also be joining Fablestreet as one of the board members.
Other individual investors who participated in the round include Pradeep Parameswaran, Dilip Khandelwal, and Suhail Sameer.
Fablestreet mainly retails from its dedicated e-commerce store and with this investment plans to enter the offline market by opening exclusive brand outlets in the coming months.
Fablestreet will be using the funds to expand its omnichannel presence, product portfolio and hiring senior professionals. Additionally, the brand will also invest in technology, product development, and looks to strengthen its supply chain
Commenting on the fundraise, Ayushi Gudwani founder and CEO of Fablestreet in a statement 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 on this journey to scale Fablestreet.”
On the investment, Dipanjan Basu partner at Fireside Ventures added: “We have been impressed with strong brand followership and customer excitement for Fablestreet. 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.”
Launched three years ago, Fablestreet has already tapped into the growing demographic of Indian female professionals and is looking to make deeper inroads in this segment in the coming year.
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