Fashor, a Chennai-based online women’s apparel brand, raised $1 million in a Pre-Series A round led by Sprout Venture Partners. IP Ventures, and Venture Catalysts, with participation from a few HNIs.
Vikram Kankaria, Co-founder of Fashor, said,
“Fashion is the first category that most consumers buy online and is soon going to emerge as the largest ecom category. Very few brands currently exist and over 80 percent of the $21 billion women’s apparel industry is unbranded. The company is well placed to capitalise on this growth opportunity for branded players and has seen strong traction since inception. The funding will help the company in accelerating growth and will help Fashor become a leading affordable fashion brand.”
Fashor plans to use the funds to expand to other online and offline channels.
Sahil Gupta, Partner, Sprout Venture Partners, said,
“We like Fashor as there is a need for brands in the women’s wear market owing to a shift to branded clothing, because of the rise in fashion consciousness and increasing disposable incomes.”
Founded in 2017 by Vikram and Priyanka Kankaria, Fashor is a fashion brand offering trendy Indian and Indo-Western clothing for women. It aims to capitalise on the women’s apparel industry by providing affordable, high-quality products, with a variety of design options to its customers across India.
The startup claims that it is already India’s largest brand in terms of the number of designs launched. It added that it has over 75,000 customers and over 70 percent of its revenue comes from its website and app.
Sprout Venture Partners, co-founded by Sunil Jain and Sahil Gupta, is an early-stage VC fund, which invests in product technology companies and consumer brands at seed and Pre-series A stage. Founded in 2017, it has already backed startups like Absentia, Goals101, Trell, HealthFin, Fitso, and Advantage Club.
(Edited by Saheli Sen Gupta)