Fable Street Lifestyle receives funding of RS 50 Cr from Fireside Ventures and other sources

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Fireside Ventures, the existing investor in Fable Street Life, has led a Pre-Series A round of funding for RS 50 million.

Startup pioneers Malika Sadani (co-founder of The Moms Co.), Ruchi Kalra (co-founders OfBusiness) and Ghazal alagh (co-founders MamaEarth) also participated in the round. Vikram Chopra and Mehul Agarwal, cofounders of Cars24, also participated.

This marks the third round of funding for the company since its inception in 2016. The company received funding of around 21 crores from Fireside Ventures, as well as other investors, in a Pre Series A round in 2019. It previously raised approximately 3 crores from family and friends.

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It is now focusing on lifestyle products. It is home to Mikoto, which makes sterling silver jewellery and Marigold, which sells contemporary Indian clothing. This finance will allow all of the brands to be scaled and new brands will be created or acquired in strategically-designated white spaces.

Ayushi Gudwani founded the business in 2016 as a high-end label for workwear. The company generates approximately 55% of its revenues from Delhi, Mumbai and Bengaluru. Between 40 and 45% come from Tier-II cities.

Suhail Sameer (CEO of the RP–Sanjiv Goenka Group), Dilip Khandelwal (managing director and head technology at Deutsche Bank) and Pradeep Parameswaran (president of Uber India/South Asia) all contributed to an earlier round.

Dipanjan Basu (a partner at Fireside Ventures) said that the company has grown despite being covid and capital efficient. We have again invested in them with the expectation that they would transform the Indian fashion industry.

Gudwani said that the company will seek out an ethnic-based athleisure brand. She stated that the company is capital-efficient and plans to use the funding to expand our supply chain technologies and hire staff.

Shiprocket and CII report 2022 predict that the market for direct to consumer brands will reach $60 billion in FY27. This is a growth rate of approximately 40%.

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