The luxury clothing brand Fablestreet has announced a closure of Rs 21 crore in Series A Funding round by Fireside Ventures.
Pradeep Parameswaran, president for Uber India and South Asia and Dilip Khandelwal, MD and head of Technology of Deutsche Bank were among others to participate in the round.
Fablestreet plans to use the funds to take a step forward and expand its market. With a decent online reach, the firm is planning to add product categories and mark offline presence as well. To escalate the growth and improve brand building, the clothing brand is looking to hire senior professionals.
Speaking about the fundraise, Ayushi Gudwani founder and CEO of Fablestreet in a statement said, “We are building a one-stop destination for all lifestyle needs of professional women. Since launch, we have seen massive product acceptance, globally, and our ‘My Style, Your Fit’ concept to offer bespoke fits has to be the real differentiator. We are excited to partner with Fireside on this journey to scale Fablestreet.”
According to the reports of Inc42, Fablestreet is also planning to invest in AI to build a customer recommendation engine, strengthen product development and set up a tech-enabled efficient supply chain.
Elaborating on the brand’s views and market value, Dipanjan Basu, partner and CFO at Fireside Ventures added, “We have been impressed with strong brand followership and customer excitement for FableStreet. The brand has a sharp understanding of customer needs and has constantly evolved to provide quality and unique solutions to address them.”