Fireside Ventures backs direct-to-consumer company (D2C) Fable Street Lifestyle Solutions with Rs 50 crore in a pre-Series B round. Startup founders Ghazal Alagh, co-founder of MamaEarth; Mehul Agarwal & Vikram Chopra, co-founders of Cars24; Malika Sadani, founder of The Moms Co.;and Ruchi Kalra, co-founder of Of Business, also participated in the fund raising round.
Since its inception in 2016, this is the third raise by the company. In 2019, it raised around Rs 21 crore in a pre-Series A round from Fireside Ventures and others.
Brands such as Marigold, a modern Indian-wear brand and Mikoto, a sterling silver jewellery brand, are subsidiaries of the company. The fresh funding will be deployed to ramp up all its in-house brands and to acquire new brands.
Founded in 2016 by Ayushi Gudwani, the company ventured into the market as a premium work-wear brand. Delhi, Mumbai and Bengaluru contribute about 55 percent to the company’s sales and more than 40 per cent comes from tier-11 cities.
In its earlier raise, few investors invested in their personal capacities, including Pradeep Parameswaran, president of Uber India and South Asia; Dilip Khandelwal, managing director and head of technology at Deutsche Bank; and Suhail Sameer, CEO of RP-Sanjiv Goenka Group, who invested in their personal capacities.
Fireside Ventures partner Dipanjan Basu mentioned that the company has grown despite the pandemic and with capital efficiency. The company said that it made the investment to change the landscape of the fashion industry in the country.
According to the India D2C Report 2022 by CII and Shiprocket, D2C brands are estimated to be a $60 billion industry by FY27, witnessing a CAGR of about 40%.