Mumbai-based fashion rental startup Flyrobe has raised $1.7 million in its seed round. As revealed by the regulatory filing, the round was led by Sequoia Capital.
Along with Sequoia, few angle investors have also poured money in this round. Those investors include Snapdeal founders Rohit Bansal & Kunal Bahl, and FreeCharge founders Sandeep Tandon & Kunal Shah.
Zishaan Hayath, who is the co-founder of Powai Lake Ventures, and Abhishek Jain, have also participated in this round.
Flyrobe was founded by Shreya Mishra, Pranay Surana and Tushar Saxena in September 2015. It is an on-demand apparel rental platform that provides premium designer wear and branded outfits on rent.
The startup, which is around nine-month-old, claims to have partnered with designer labels such as Outhouse, Masaba Gupta, Ritu Kumar and Shehla Khan.
It supplies western wear on-demand with a three-hour delivery timeline and the ethnic wear on advance booking. While the team refused to share their revenue, they claim that their average order value is close to other fashion sites.
Flyrobe further claims that the number of android app downloads is approximately 75,000. While the app draws mixed reactions from customers, it has a rating of 4.3 on the Play Store.
Fashion rental space at a glance
Although fashion rental space is going through challenging times, few startups in this space have been able to raise funding. Such startups include Klozee, Elanic, Envoged, Zapyle, etc.
Recently, Blinge raised angel funding round led by Anupam Mittal. Stage 3 has also secured angel funding round. However, there are a few startups who couldn’t service the rough times and decided to shut down their operations. One of such startup is Klozee, which shut down its services last month.
Flyrobe estimates that the fashion rental market, including western and ethnic wear in large Indian cities, is worth US$4-5 billion. It further claims that the space is also surging ahead.
According to consultancy firm PricewaterhouseCoopers, the global sharing economy will grow from US$15 billion today to US$335 billion by 2025.