Flyrobe a Mumbai based online fashion rental platform has raised $5.3 million in Series A round of funding. IDG Ventures India with participation from GREE Ventures and Sequoia Capital India Advisors led this round.
The funds will used to strengthen its technology, business teams and products. It will also expand its business to 5 more cities including Bangalore and Hyderabad. Currently it is operational in Delhi and Mumbai. By 2017 it plans to grow 4-5 times and will triple ots designer roster to 150.
It was founded in 2015 by Shreya Mishra, Tushar Saxena and Pranay Surana. Flyrobe an online fashion rental service offers their users with access to accessories and premium apparel at a fraction of retail price. On the platform users can get access to designers such as Masaba Gupta, Ritu Kumar, Outhouse, Quirk Box, etc. It charges 10-15% of the retail price for upto 8 days.
Karan Mohla, Executive Director and Head of Consumer Tech and Media at IDG Ventures India, said,
“Flyrobe is reimagining how consumers will utilize fashion. There is massive latent demand for aspirational products, which Flyrobe is providing access to. As the pioneering force and leading national platform for fashion rentals, Flyrobe will build on its position through tie-ups with prominent designers and expand their brand offerings. We’re excited to partner with this stellar team in their journey.”
Pranay Surana co-founder of Flyrobe said
“We are obsessed with delivering the right customer experience – we have the custom fitting for ethnic wear, three-hour deliveries in western wear for on-demand fashion needs and ensure perfect hygiene all across. We have recently also partnered with French laundry company 5asec who are experts in garment care globally.”
Flyrobe is in direct competition with Blinge, Flont, Stage3, Swishlist, HiFlame14 among others.
How it works?
For Western Wear
For Ethnic Wear