Famous and on-demand fashion rental startup Flyrobe has raised $5.3 million in a Series A funding led by IDG Ventures, on Wednesday. The round of series witnessed other capitalist firms such as Tokyo-based GREE Ventures, Sequoia Capital, Paytm founder Vijay Shekhar Sharma, Leone Seynave (Chairman of Stanhope Capital). Few of them even invested in the Fashion firm.

Flyrobe-Rental-Portal-Raises-Fund

Earlier, the startup company had raised a fund of a specific amount through seed funding. The amount close to 1.7 million USD was settled by Sequoia Capital leading to a foundation of the enterprise. The seed funding around witnessed biggies like Snapdeal founder Rohit Bansal, FreeCharge founder Sandeep Tandon and Kunal Shah, Powai Lake Ventures founder Zishaan Hayath, and Former Temasek executive Abhishek Jain.

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Founded in September 2015 by Shreya Mishra (IIT-Mumbai alumni), Pranay Surana and Tushar Saxena with its headquarters in Mumbai, Flyrobe Inc. is a part of Omapal Technologies Pvt. Ltd. The startup runs on rental services. It rents fashionable apparel as well as accessories to its customers along with a time-bounded delivery report. It provides its items within 3 hours from its booking status, thus maintaining the proforma ever since. It is scattered in other cities like New Delhi, Ahmedabad and Hyderabad.

Many renowned designers, as well as celebrities, have collaborated with the company such as  Anita Dongre, Shehla Khan, Ritu Kumar, Masaba Gupta, etc. Few of celebs have even promoted the website like Sunny Leone, Shilpa Shetty Kundra, and so on. It boasts of a wide range of keeping a collection of ethnic wear, party wear, bridal wear, western wear and much more. One can easily Search, Rent, Customise, Wear, and Return within 3 to 4 days time-span.

Flyrobe survives under a tough competition with Bengaluru-based Zapyle.com, Blinge, Elanic, Stylish Play, Libe Rent, Etashee, Share Wardrobe, etc. Zapyle.com also focuses towards shopping and selling off premium and luxury brands at the same time apart from renting items. The prominent renting out portals for premium fashion brands or pre-owned apparells are becoming quite famous nowadays thus having neck-to-neck competition in the market.

 

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