A combination of main and secondary deals, early-stage venture capital firm Blume Ventures helped ethnic apparel brand Fashor raise $5 million in funding.
The money will go into supply chain fortification, brand development, and omnichannel expansion.
Established by Vikram and Priyanka Kankaria, the business sells its products on its website, app, and on fashion marketplaces such as Myntra, which is owned by Flipkart, Reliance Ajio, and Nykaa Fashion.
According to Vikram Kankaria, the company’s website and app account for about one-third of its revenue. The remaining 55–60% comes via various marketplaces, while offline sales account for the remaining 10%.
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In the coming years, the business hopes to create more than 100 stores featuring exclusive brands.
“We are excited to leverage this partnership to drive our next phase of growth, with a continued focus on delivering exceptional value to our customers,” said chief executive Vikram Kankaria.
Investors who received a return of more than 500% from this investment round include Jito Angel Network, Inflection Point Ventures, and Venture Catalysts.
Industry executives estimate that the Indian market for branded or organised ethnic wear is valued between Rs 30,000 and Rs 35,000 crore, and it is expanding at a pace of between 20 and 25 percent.
While Bengaluru-based Koskii obtained Rs 61 crore ($7 million) from Baring Private Equity last year, Libas raised Rs 150 crore ($18 million) from ICICI Venture in May.
About Fashor
Fashor‘s passion. It is to inspire Indian women with design-focused approach and become the top fashion brand for those who wish to wear the latest designer trends.
