Flyrobe expects to triple revenue in 2019
today Feb 11, 2019
The ethnic wear rental business Flyrobe aims to triple its revenue this calendar year.
Flyrobe reported a revenue total of $2 million (Rs 13.3 crore) in 2018 and plans to triple this figure in 2019. The brand’s founders also told Forbes India that online sales account for 65 percent of the brand’s total revenue and online sales make up the rest.
Two of the brand’s three founders, Pranay Surana, 28, and Tushar Saxena, 26, have been listed on Forbes India’s "30 Under 30" list of entrepreneurs to watch. The third founder, Shreya Mishra, was not included as she was just a few months past the age limit.
Last month, the business held a curated shopping event for ethnic fashion, the Lohri Bazaar, at its Rajouri Garden and Lajpat Nagar stores in New Delhi. The event featured over 500 designs available to purchase. After the event, the brand is now asking its customers to host a trunk show in what appears to be a franchise initiative.
Pranay Surana, Tushar Saxena, and Shreya Mishra founded Flyrobe in September 2015 as a western wear garment rental service. After realising that ethnic wear had far greater potential for their business formal, the founders switched their focus to traditional wear.
The brand now has also run six brick-and-mortar stores in Mumbai, Delhi, Pune, and Bengaluru since 2017. It has so far raised $11 million in investments from Sequoia Capital, IDG Ventures, GREE Ventures, and several angel investors.
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