Stage3 raises $2 million in pre-series A funding
Clothing rental business Stage3 has raised $2 million (Rs 13.3 crore) in a pre-series A funding round led by the venture capital business Blume Ventures and will use the funds for retail and technology expansion.
Stage3 has raised $2 million in funding and will use the capital to expand its offline footprint as well as improve its data analytics facilities, TNN reported. The business, which was launched in 2016, also plans to partner with a number of celebrities and designers to boost awareness of the business within the coming year.
“We love Stage3's commitment to the model and its ability to take aspirational brands and designs from great designers and luxury wardrobes to a growing mass of aspirational consumers,” said Blume Ventures’ managing partner Karthik Reddy, reported by TNN. “Rental culture and recycling or reuse are here to stay…. By providing choice, convenience and prices that special occasions demand in their lives, Stage3 is providing coolness with sustainability in the new India."
“Through our offerings, we want to bridge this gap and help our customers be on top of today’s fashion game without having to worry about high pricing, seasonality or storage woes,” said Stage3’s CEO and co-founder Sabena Puri. “At Stage3, we have proven that the sharing economy is going to change the way we consume fashion in India."
As well as its clothing rental business which allows customers to rent luxury brand clothing for a fee, the business also retails clothing under its private label Alaya which focuses on traditional and fusion occasion wear. Brands that Stage3 has available for garment rentals include Gauri and Nainika, Anamika Khanna, and Sabyasachi among others.
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