31 August 2016, India :
Online fashion rental startup Flyrobe owned by Omapal Technologies Pvt. Ltd has raised $5.3 million in a Series A funding round led by IDG Ventures with participation from existing investor Sequoia Capital.
“With this round of funding, we will continue to scale Flyrobe and grow four-to-five times by March 2017, triple our designer roster to 150 and launch in five more cities,” said Shreya Mishra, co-founder and chief executive at Flyrobe.
“We are obsessed with delivering the right customer experience. We have custom fitting for ethnic wear, three-hour deliveries in western wear for on-demand fashion needs and ensure perfect hygiene all across. We have recently also partnered with French laundry company 5asec, who are experts in garment care globally,” said co-founder and chief operating officer Pranay Surana.
Angel Investors like Snapdeal’s Kunal Bahl and Rohit Bansal, Vijay Shekhar Sharma of Paytm, Kunal Shah and Sandeep Tandon, founders of Freecharge, Zishaan Hayath, CEO of Toppr also pitched in with investments into the one-year-old company.
The Mumbai-based startup rents out clothes and accessories to women for different occasions, charging them a fee which is far cheaper than the cost of the product. Currently operational in Mumbai and Delhi, Flyrobe plans to launch in Hyderabad and Bangalore soon. Source- ToI