Fable Street Lifestyle raises RS 50 cr in funding from Fireside Ventures, others
- ByStartupStory | September 22, 2022
Direct to consumer (D2C) brand Fable Street Lifestyle, which runs western wear brands FS Life, FableStreet, Marigold, and Mikoto has raised a Pre-Series B round of funding of RS 50 crore led by its existing investor, Fireside Ventures.
Startup pioneers Malika Sadani, co-founder of The Moms Co., Ruchi Kalra, co-founder of OfBusiness, and Ghazal Alagh, co-founder of MamaEarth, as well as Mehul Agarwal and Vikram Chopra, co-founders of Cars24, also took part in the round.
This is the company’s third raise since its founding in 2016. It received around 21 crores in funding from Fireside Ventures and other investors in a Pre-Series A round in 2019. It had previously raised about 3 crores from close friends and relatives.
The business is now concentrating on curating lifestyle products as well. It houses businesses including Mikoto, a maker of sterling silver jewellery, and Marigold, a contemporary Indian clothing line. All of its brands will be scaled with the help of this finance, and new brands in strategically designated white spaces will be launched or acquired.
The business was first established in 2016 by Ayushi Gudwani as a high-end workwear label. About 55% of the company’s revenues come from Delhi, Mumbai, and Bengaluru, and between 40 and 45 per cent come from tier-II cities.
In an earlier round of funding, Suhail Sameer, CEO of the RP-Sanjiv Goenka Group, Dilip Khandelwal, managing director and head of technology at Deutsche Bank, and Pradeep Parameswaran, president of Uber India and South Asia, all contributed in their individual positions.
“We have seen the company scale despite covid and with capital efficiency,” said Dipanjan Basu, a partner at Fireside Ventures. With the expectation that they will reshape the Indian fashion sector, we have invested in them once more.”
Gudwani stated that the business will search for an athleisure brand with a strong ethnic following. “We have established a capital-efficient company, and we now intend to use this funding to expand our supply chain technologies, hire staff, and expand into offline retail, “She spoke.
According to CII and Shiprocket’s India D2C Report 2022, the market for direct-to-consumer brands is predicted to reach $60 billion by FY27, growing at a CAGR of around 40%.
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