FASHOR Raises $5 Mn From Blume Ventures For Omnichannel Expansion

SUMMARY

The Chennai-based startup plans to deploy the funds for omnichannel expansion, brand building, and strengthening its supply chain

With this funding, the startup aims to expand its retail presence and open over 100 exclusive brand stores in the coming years

Founded by Vikram Kankaria and Priyanka Kankaria in 2017, FASHOR offers trendy Indian and Indo-western clothing for women

Women’s fashion and apparel brand FASHOR has raised a funding of $5 Mn (INR 41.9 Cr) from Blume Ventures.

The Chennai-based startup plans to deploy the funds for omnichannel expansion, brand building, and strengthening its supply chain.

With this funding, the startup aims to expand its retail presence and open over 100 exclusive brand stores in the coming years, it said in a statement.

Founded by Vikram Kankaria and Priyanka Kankaria in 2017, FASHOR offers trendy Indian and Indo-western clothing for women. The startup aims to capitalise on the women’s apparel industry by providing affordable, high-quality products and a variety of design options to customers across India.

FASHOR was among the D2C brands selected for Inc42’s FAST42 edition of 2024.

The startup sells its products through direct-to-consumer (D2C) channels and fashion marketplaces like Myntra, AJIO, and Nykaa Fashion. It claims to be a top-ranked brand in Shoppers Stop and Lifestyle stores across India.

Recently, the D2C startup announced Bollywood star Sara Ali Khan as its first-ever brand ambassador for a marketing campaign.

Commenting on the fundraise, FASHOR cofounder and CEO Vikram Kankaria said, “We are excited to leverage this partnership to drive our next phase of growth, with a continued focus on delivering exceptional value to our customers.”

Prior to this funding round, FASHOR raised $1 Mn in its pre-Series A funding round, led by Sprout Venture Partners, with participation from IP Ventures, Venture Catalysts, and other investors, in 2020.

Fashor recorded 75% YoY revenue growth in FY23, with a gross revenue of INR 150 Cr and a net revenue of INR 90 Cr.

The startup competes with brands like Biba, Indya, W, and Global Desi in the ethnic women’s fashion segment.

The fundraise comes at a time when many D2C fashion brands are attracting significant interest from investors.

For instance, in June, D2C fashion brand Rare Rabbit received the first tranche of INR 150 Cr from INR 500 Cr investment it plans to raise. In the same month, LetsDressUp raised INR 11 Cr in a pre-Series A funding round from a group of investors, including GVFL Limited, Indian Angel Network, and The Chennai Angels. Another fashion brand The Pant Project raised INR 34.85 Cr in a Series A funding round led by Sorin Investments, in the same month.

In May, D2C ethnic wear brand Libas bagged INR 150 Cr in a strategic funding round from ICICI Ventures. In the same month, menswear brand DaMENSCH also raised INR 21.62 Cr in an extended Series B round.