Delhi-based FableStreet Lifestyle Solutions Pvt. Ltd, which operates an eponymous portal to sell premium workwear for women, has raised an undisclosed sum in seed funding from a clutch of angel investors that include Fireside Ventures managing director Kanwaljit Singh.
Fashion designer Harmeet Bajaj, Unilever senior director Pameela P and Fusiontech Ventures and other investors in the consumer, retail and technology sectors also put money, the startup said in a statement.
Ayushi Gudwani, founder and CEO of FableStreet, told VCCircle that the startup will use the funds for scaling up operations and developing the team.
Singh said FableStreet operates in a âlarge, underserved and growingâ womenswear market. It has a unique value proposition and is already seeing repeat purchases, he added.
FableStreet, which was founded in 2016, offers premium workwear for women under its own private label under categories such as tops, shirts, pants and skirts, and belts in a price range of Rs 1,700 to Rs 3,500. The company will soon expand its product categories, but will remain focused on the premium women workwear segment.
Gudwani is an electronics engineer and a management graduate from IIM Calcutta. She worked for seven years at consulting firm McKinsey before taking the entrepreneurial route.
âOur vision is to make lives of professional women simple and easy by taking the problem of fit out of consumersâ handsâ¦ the business model is designed to minimize pitfalls of retail, which include zero inventory, low stock-keeping unit complexity and minimal returns,â Gudwani said.
As part of its expansion plans, the company will soon pilot a concept store model called FS Studio, which will act as an offline touch-and-feel experience centre for its customers. Besides, the company has plans to start shipping its products to other countries.
In the broader online fashion segment, Fabulyst Pvt. Ltd, which operates an artificial intelligence-based platform emulating a personal stylist, raised Rs 1.4 crore ($216,000) in seed funding from iB Hubs, a launchpad-cum-accelerator for startups in June.