Monday, May 27

Rental Platform Flyrobe Raises $3.71 million in a Fresh Funding Round

Online fashion rental marketplace Flyrobe that is based in Mumbai has reportedly raised around $3.71 million (Rs 26.06 crore) in a fresh funding round. The investors who led the funding round were IDG Ventures and Sequoia Capital.

Another existing investor that participated in the round included Tokyo-based GREE Ventures. Following this deal, the valuation of the company has reached roughly around Rs 155 crore ($21.6 million). However, it has not been mentioned that whether this is the firm’s Series B round of funding or if this capital raise was part of a larger investment round.

Flyrobe is an online rental platform for apparels which is operated by Omapal Technologies. It was founded three years ago in 2015 by Shreya Mishra, Pranay Surana and Tushar Saxena.

The last time that the company raised capital was in August 2016. It had secured $5.3 million (Rs 35 crore then) in a Series A round led by IDG Ventures.

Apart from the above-mentioned backers, Flyrobe has also been backed by investors like Snapdeal founders Rohit Bansal and Kunal Bahl, FreeCharge founders Sandeep Tandon and Kunal Shah, Powai Lake Ventures and Toppr founder Zishaan Hayath and former Temasek executive Abhishek Jain.

The online platform offers a range of fashion wear for both men and women on rent. Rentals on the platform are categorized into style, designers, collection and occasion. Customers can choose from various options and get their desired piece of clothing delivered to their doorstep.

Also, Flyrobe has offline stores out of which two are in Mumbai and one each at Delhi, Bengaluru, Hyderabad, Pune and Ludhiana.

An online omnichannel fashion shopping and discovery platform based in Noida known as Modestreet Internet raised an undisclosed sum of angel investment from Anshika Aggarwal. The fashion space is seeing a lot of growth lately in terms of funding and acquisitions.