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Last Updated : Sep 01, 2016 05:48 PM IST | Source: Moneycontrol.com

STARTUP CORNER: Flyrobe raises $5.3 million from IDG Ventures, others

Mumbai-based fashion startup which provides fashion apparel for women on rentals had raised $1.7 million in seed funding led by Sequioa Capital India last year. The latest round of Series A funding brings Flyrobe‘s total fund-raise to $7 million in the last twelve months.

Moneycontrol Bureau

Mumbai based fashion apparel startup Flyrobe has raised USD 5.3 million in series A funding led by IDG Ventures with participation from Sequoia India and Tokyo-based GREE Ventures.


Founded in 2015 by IIT alumni Shreya Mishra, Pranay Surana and Tushar Saxena, Flyrobe had last year raised about USD 1.7 million in seed funding led by Sequoia Capital India.


This brings Flyrobe’s total raise to USD 7 million in the last twelve months which includes angel investments from e-commerce entrepreneurs such as Kunal Bahl and Rohit Bansal, founders of Snapdeal, Vijay Shekhar Sharma CEO of Paytm, Kunal Shah and Sandeep Tandon, Founders of Freecharge, Zishaan Hayath, CEO of Toppr besides Leon Seynave, Chairman of Stanhope Capital. 


The company provides fashion apparel for women on rentals which cost a fraction of their retail price. The rentals range from Rs 250 onwards for a period of three days. For designer clothes, the rentals can go over Rs 10,000. The startup offers dresses, bags, ethnic wear and jewellery on rental. 


“Women spend a ton of money buying occasion wear which they hardly repeat. We are re-imagining this USD 50 billion fashion industry with a pay per use model.” says founder and CEO, Shreya Mishra. 


The startup claims to count Bollywood celebrities such as Parineeti Chopra, Sunny Leone and Aditi Rao Hydari as its regular users. 


With this round of funding the startup aims to grow 4x-5x by March 2017. It aims to triple its designer roster to 150 and launch in five more cities. Flyrobe is currently live in Mumbai and Delhi. 


The young venture has also curated a collection of apparel and accessories from designers such as Ritu Kumar, Masaba Gupta, Quirk Box and Outhouse, etc. “There is massive latent demand for aspirational products, which Flyrobe is providing access to,” says Karan Mohla, Executive Director and Head of Consumer Tech and Media at IDG Ventures India, which led this round. 

“We want to build India’s largest virtual closet so that women can wear anything they fancy without needing to buy it.” outlines Mishra of Flyrobe. 
First Published on Sep 1, 2016 05:42 pm