Online fashion rental portal Flyrobe has raised Rs 35 crore ( $5.3 Mn ) in its second round of funding led by IDG Ventures, with the participation of Tokyo-based GREE Ventures and existing investor Sequoia India. Paytm’s founder Vijay Shekhar Sharma, Stanhope Capital chairman Leon Seynave, also participated in the round, taking the total amount raised by the startup to $7 million.
The Mumbai based on-demand apparel rental platform, which was started last year by three IIT-Bombay alumni Shreya Mishra, Pranay Surana, and Tushar Saxena provides premium designer wear and branded outfits and accessories on rent at 10-15% of the retail price from for upto eight days.
The startup will use the investment to expand to five more cities including Hyderabad, Bangalore, as well as to strengthen its technology, product and business teams. Flyrobe is currently operational in Delhi and Mumbai.
“We see the total fashion retail market as $50 billion and the event based apparel market at $10-$15 billion. We want to take a slice of the pie,” said Shreya Mishra, CEO, Flyrobe.
“There is massive latent demand for aspirational products, which Flyrobe is providing access to. Flyrobe will build on its position through tie-ups with prominent designers and expanding their brand offerings,” said Karan Mohla, executive director at IDG Ventures India.