Mumbai-based fashion rental startup Flyrobe has raised around ₹26 crores ($3.6 million) in a fresh round of funding from a clutch of investors including Sequoia Capital India, IDG Ventures India, among others as revealed by the documents filed with RoC.
Flyrobe founders Pranay Surana and Shreya Mishra also participated in the round. The funds were raised through Omapal Technologies Pvt. Ltd, the company that owns and operates Flyrobe.
Flyrobe was founded by IIT Bombay alumni Pranay Surana, Shreya Mishra, and Tushar Saxena in 2015. It offers a wide range of apparels on rent for men and women through its platform. The customers can choose from various categories like designers, style, and collection, and get their clothes delivered directly to their doorsteps.
The startup also operates offline stores in select cities including Mumbai, Delhi, Bengaluru, Hyderabad, Pune, and Ludhiana.
The startup showed its revenue from operations at Rs 2.06 crore in the financial year 2017, compared to revenues of Rs 29.73 lakh the previous financial year. Its losses widened to Rs 18.4 crore in FY17, up from Rs 1.7 crore in the previous year.
This fashion rental startup last raised $5 million in series A funding led by IDG Ventures India, along with participation from Sequoia Capital India, GREE Ventures, Leon Synave, and Vishal Shekhar Sharma, Founder and CEO of Paytm.
Other apparel rental startups competing with Flyrobe include The Clothing Rental, LibeRent, OhLook, Stage3, Rent it Bae, and Rent A Closet, among many others.