One of its kind startup, Stage3, a fashion rental and styling platform, has bagged $2 million (approx INR 17 crore) in a pre-series A fundind round from Blume Ventures, cited Inc42.
Stage3 will utilize the credited financials to elevate the brand experience and also to boost its offline footprint for the omnichannel play, augment its data potential for designs.
“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. The sharing economy is going to change the way we consume fashion in India,” said Sabena Pura, co-founder and CEO at Stage3.
Stage3 was founded by Sabena Puri, Sanchit Baweja and Rina Dhaka in 2016. It is a Delhi-based startup, which works with over 100 designers, 25 celeb stylists and 50 plus celebrities.
As per its LinkedIn page, the brand Stage3 focusses on providing affordable access to on-trend, glamorous fashion through rental and sales. It primarily targets fashion-forward millennials through its selection of celebrity-endorsed designer outfits and accessories.
Stage3 claims to have recorded high repeat rate and unit economics and also registered revenue growth of 350 per cent y-o-y.
The company Stage3 have plans to partners with several prominent celebrities, influencers and designers in 2020.
“We plan to invest heavily in enhancing our data capabilities as well as focus on building greater awareness amongst our target audiences about the rental model we are operating with,” Sanchit Baweja, co-founder at Stage3, said.
Some of the significant startups with the likes of Stage3 objective, include Myntra, Shein, Club Factory, Masaba, and many more.
Furthermore, as per the media report, the online fashion retail market is expected to touch $35 billion by 2020.