FS Life, earlier known as FableStreet, on Thursday said it has raised Rs 50 crore in a funding round led by Fireside Ventures.
Other startup founders such as Ghazal Alagh, co-founder of MamaEarth, Mehul Agarwal & Vikram Chopra, co-founders of Cars24, Malika Sadani, Founder of The Moms Co and others also participated in the Pre-series B round of funding, said a FS Life statement. “This funding will be used to drastically scale all the brands and start/acquire new brands in strategically identified white spaces. FS Life plans to hit over Rs 1,000 crore revenue run rate in the next 3-4 years,” the statement said.
FS Life is a group of homegrown brands operating in the apparel and lifestyle segment for the modern Indian woman. Started in September 2016 by Ayushi Gudwani with FableStreet, a premium western wear brand, it now has evolved into a multi-brand organisation with Mikoto sterling silver and semi-precious jewellery brand and Marigold a modern Indian wear bra. The company has scaled over ten folds in the past two years by revamping its product portfolio.
FS Life Founder Ayushi Gudwani said: “We plan on using this money to scale our supply chain technology; build a best-in-class team and enter offline retail. We have also used this opportunity to bring some amazing founder-angel investors whose guidance in building large-scale brands & internet businesses will be of great value to us.” “We have seen FS Life scale 10x despite Covid with unparalleled capital efficiency,” Fireside Ventures Partner Dipanjan Basu said.
“We have re-invested in them with the belief that they are set to change the landscape of the fashion industry in India with their insights-driven design innovation, efficient supply chain and best-in-class sizing for Indian women,” Basu added.