FableStreet, a Premium work-wear brand, raises seed round from angel investors - Kanwaljit Singh (MD Fireside Ventures, former MD Helion Ventures), Harmeet Bajaj (Fashion Multipreneur, 25+ years in International and Domestic Fashion Industry), Pameela P (Sr. Director at Unilever), Fusiontech ventures and select other investors in consumer, retail and tech space.
FableStreet, offers premium quality work-wear online, tailor-fitted for women by taking just 3 body measurements. This Delhi based start-up has been founded by Ayushi Gudwani, an Ex-McKinsey Consultant and IIM Calcutta alumnus, who never found quality work-wear in India. She spent more than a year on R&D to build proprietary sizing algorithm for Indian bodies and, to understand quality, fabrics and garment construction before launching the brand in September 2016.
Coming with 7 years of Consulting DNA, Ayushi has built her start up based on two principles 1. Customer comes first and 2. Profitable growth. “For a consumer, FableStreet is an ‘Experience’ of easy shopping and fantastic service backed by great product. Our vision is to make lives of professional women simple and easy by taking the problem of fit out of consumers’ hands. For an entrepreneur and an investor, the business model is designed to minimize pitfalls of retail and become profitable – e.g., Zero inventory, Low SKU complexity and minimal returns.”, says Ayushi .
In less than 10 months of launch, they have a significant fan-following from professional women in metros and tier 1 cities. “FableStreet plays in a large, under-served and growing women’s wear market., It has a clear and unique value proposition validated by its consumers. They are already seeing extensive repeat purchases and extremely low returns (which are unheard of, in apparel industry).” says Kanwaljit Singh, a seasoned investor in consumer brands like Paperboat, Hokey Pokey etc.
FableStreet has a unique business model - Unlike existing e-tailers, they do not discount, but offer quality and luxury at value-for-money price point. They have a strong focus on product development and customer experience to address unmet needs of working women. Harmeet Bajaj, Founding member of NIFT and an international fashion expert, who participated in the funding round, also added, “FableStreet is uniquely positioned to deliver Premium tailored clothing at such an affordable price point by being direct to consumer. Their sizing algorithm is another strong differentiator and it gets smarter with time”
Despite difficult funding environment over past 12-18 months, and Ayushi being a single woman founder, FableStreet received good response and support from the investors given the uniqueness of product and strong business fundamentals. The proceeds from funding round will be deployed to scale up operations and team. Given spiralling requests from customers, the startup is opening up International shipping soon and will pilot concept store model – ‘FS Studio’ for its customers to experience FableStreet.