India's FableStreet raises ₹21 cr In series A funding
December 17, 2019 - India
FableStreet , an Indian technology-enabled premium workwear brand, offering custom fits for women, recently raised ₹21 crore in series A led by Fireside Ventures. The funds will be utilised for market expansion including offline presence, adding product categories and hiring senior professionals who will partner in growth and brand building.
It also plans to invest in artificial intelligence and machine learning to build a customer recommendation engine, strengthen product development and set up a tech-enabled efficient supply chain.
Industry heavyweights, including Pradeep Parameswaran, president for Uber India and South Asia, Dilip Khandelwal, managing director and head of technology of Deutsche Bank, and Suhail Sameer, chief executive officer at RP-Sanjiv Goenka Group, have also participated in this round and invested in their personal capacities, according to Indian media reports.
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% accuracy and build a custom-fit garment.
FableStreet plans to enter offline retail with brand-owned stores in the coming months and will now adopt an omni-channel model.
The brand is one of the first Indian brands to tap the growing white space of ‘women’s formal wear with a unique business model and competes with the likes of Marks & Spencer, Massimo Dutti, Zara among others in quality workwear category.
In 2017, FableStreet had raised an undisclosed sum in seed funding from a clutch of angel investors, including Harmeet Bajaj, Unilever vice president Pameela Pattabiraman, Fusiontech Ventures and other investors in the consumer, retail and technology sectors.