SUMMARY
The seed funding round was led by Capstone Ventures and also saw participation from several angel investors
Absolute Brands, founded this year, is building a network of in-house fashion apparel brands targeting both existing and new customer segments
The startup said that the funding will be used to create offline retail presence for its first brand, Big Hello, and for tech innovation to develop an omnichannel presence
Fashion and lifestyle startup Absolute Brands and Retail has raised $2.5 Mn in its seed funding round led by Capstone Ventures, with participation from several angel investors.
Founded this year by Vishnu Prasad, former MD and CEO of fashion and lifestyle retail chains Central and Brand Factory, Absolute Brands is building a network of in-house fashion apparel brands targeting both existing and new customer segments.
Absolute Brands said the funding will be used to create offline retail presence for its first brand, Big Hello, and for tech innovation to develop an omnichannel presence.
The startup plans to set up retail stores in Bengaluru, Chennai, and Hyderabad in the next three months for Big Hello, which will offer clothes for Indian plus size customers.
Commenting on the funding, Prasad said the startup will work towards the execution of its vision of launching multiple “sharply focused apparel brands” that address the unmet needs of Indian customers, open up new segments, and reset the status-quo in the fashion industry.
Absolute Brands said it has set an ambitious goal to expand its physical presence to 500 retail stores across India in the next three years. The startup also plans to launch three new fashion brands..
Leveraging cutting-edge technologies and an omnichannel shopping presence, it aims to redefine the fashion shopping experience, offering personalised solutions that resonate with specific preferences, values, and needs.
With rising disposable incomes and increasing digitisation, a number of fashion startups have sprung up in the country over the last few years to adhere to the unmet needs of the customers and grab a market share in the fast-growing segment.
Earlier today, men’s fashion brand Snitch raised INR 110 Cr ($13.19 Mn) in a round co-led by SWC Global and IvyCap Ventures. The brand said it would use the funding to scale up its talent and technology, as well as to build an offline retail strategy.
According to Inc42’s analysis, the fashion and apparel market size stood at $20 Bn in 2022 and is expected to grow to $112 Bn by 2030 at 24% CAGR.
