FableStreet, a Delhi-based startup which runs a portal to sell premium workwear for women, has raised an undisclosed sum in seed funding round. The funding round was raised through a clutch of angel investors, including Fireside Ventures’ managing director Kanwaljit Singh.
Along with Kanwaljit, fashion designer Harmeet Bajaj, Unilever senior director Pameela P and Fusiontech Ventures and other investors in the consumer, retail and technology sectors have also put money in the startup.
Ayushi Gudwani, who founded FableStreet and works as the chief executive of the startup, said that funds raised in the current round will be used for scaling up operations and developing the team. She further said,
Our vision is to make lives of professional women simple and easy by taking the problem of fit out of consumers’ hands… the business model is designed to minimize pitfalls of retail, which include zero inventory, low stock-keeping unit complexity and minimal returns.
Harmeet Bajaj, Founding member of NIFT and an international fashion expert, who participated in the funding round, said,
FableStreet is uniquely positioned to deliver Premium tailored clothing at such an affordable price point by being direct to consumer. Their sizing algorithm is another strong differentiator and it gets smarter with time.
As part of its expansion plans, FableStreet will soon pilot a concept store model called FS Studio. The store will act as an offline touch-and-feel experience centre for its customers. Besides this, the startup has plans to start shipping its products to other countries as well.
The startup was founded in 2016, and offers premium workwear for women under its own private label in categories such as tops, shirts, pants and skirts, and belts in a price range of Rs 1,700 to Rs 3,500.
It will soon expand its product categories, but will remain focused on the premium women workwear segment.