Premium work-wear brand FableStreet has raised USD 2.95 million in Series A led by Fireside Ventures. Pradeep Parameswaran, president for Uber India and South Asia, DilipKhandelwal, MD and head of Technology of Deutsche Bank and Suhail Sameer, CEO at RP-Sanjiv Goenka Group (FMCG), have also participated in the financing round.
“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 in this journey to scale FableStreet,” said Ayushi Gudwani, founder and CEO, FableStreet.
The fresh capital will be used for market expansion including offline presence, adding product categories and hiring senior professionals. The proceeds will also go toward building AI and machine learning capabilities to improve on customer recommendation engine, strengthen product development and set up a tech-enabled efficient supply chain.
FableStreet plans to enter offline retail with brand-owned stores and will now adopt an omnichannel model. The Delhi-headquartered company has seen a 50% Q-on-Q growth.
“We have 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. 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 work wear to women,” said Dipanjan Basu, partner and CFO at Fireside Ventures, who will be joining FableStreet’s board.
FableStreet competes with the likes of Marks & Spencer, Massimo Dutti, Zara amongst others in quality workwear category.
In 2017, FableStreet had raised an undisclosed amount of seed funding from angel investors, including Harmeet Bajaj, Unilever vice president Pameela Pattabiraman and Fusiontech Ventures.