Picture courtesy: www.flyrobe.com
Flyrobe, a fashion rental platform, announced on Tuesday that it had raised $5.3 million in series A funding.
The round was led by IDG Ventures, Sequoia India, and Tokyo-based GREE Ventures. This is the Japanese investor’s first investment in India. Last year, Flyrobe raised $1.7 million in seed funding led by Sequoia India. This brings their total raise to $7 million in the last twelve months.
The company was started last year by three IIT-Bombay alumni: Shreya Mishra, Pranay Surana, and Tushar Saxena.
“We see the total fashion retail market as $50 billion and the event based apparel market at $10-$15 billion. We want to take a slice of the pie,” said Mishra, CEO, Flyrobe.
The company operates on a similar model to Rent The Runway and just like the US-based company too plans to make an offline play soon.
“We may have some store-based offerings in this year or, at best, next year,” she said. The capital should give them, she said, a runway of two years.
“Flyrobe has quickly emerged as the largest and most loved fashion rental platform in India. We are excited to continue to partner with them on their journey to change the way users across the country dress” says Abheek Anand, Principal, Sequoia India.
“We are excited to partner with Flyrobe as our first investment in India. Our conviction in the evolving fashion needs of the Indian market has further enhanced while working with this young and ambitious team focusing on strong business fundamentals” said Yusuke Amano, CEO and Partner at GREE Ventures.