FableStreet, a technology-enabled premium workwear brand, offering timeless, versatile pieces, with custom fits for women, has raised Rs. 21 crore in Series A led by Fireside Ventures.
Industry power-lifters including Pradeep Parameswaran, President for Uber India and South Asia; Dilip Khandelwal, MD and head of Technology of Deutsche Bank and Suhail Sameer, CEO at RP-Sanjiv Goenka Group (FMCG), also participated in this round and invested in their personal capacities.
The newly raised funds will be utilised for market expansion including offline presence, adding product categories and hiring senvi professionals who will partner in growth and brand building.
As a tech-enabled brand, it also plans to invest in AI and machine learning to build a customer recommendation engine, strengthen product development and set up a tech-enabled efficient supply chain.
FableStreet is already ahead of curve in this space with its strong data-backed proprietary tailored fit algorithm – a sizing algorithm that only requires the customer to provide three body measurements online to extrapolate the remaining measurements to 95 per cent accuracy and build a custom-fit garment.
The brand plans to enter offline retail with brand-owned stores in the coming months and will now adopt an omni-channel model. The three-year-old home-grown brand has registered a growth of 50 per cent Q-o-Q.
FableStreet is one of the first Indian brands to tap the growing white space of women’s formalwear with a unique business model.
On the fund raise, Ayushi Gudwani, Founder and CEO, FableStreet, 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 in this journey to scale FableStreet.”
Dipanjan Basu, Partner and CFO at Fireside Ventures, maintained, “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.”
Dipanjan, who is also joining FableStreet as one of the board members, added “We, at Fireside, believe that personalisation 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.”
In 2017, FableStreet had raised an undisclosed sum in seed funding from a clutch of angel investors including Fashion Veteran, Harmeet Bajaj, Unilever Vice President Pameela Pattabiraman, Fusiontech Ventures and other investors in the consumer, retail and technology sectors.
