Mumbai-based online fashion rental platform, Flyrobe, has secured US$ 5.3 million in a Series A funding round. The round was led by IDG Ventures India with participation from Sequoia Capital India Advisors and GREE Ventures.
Flyrobe, founded by Shreya Mishra, Pranay Surana and Tushar Saxena in 2015, had earlier raised US$1.7 million from Sequoia Capital. Other investors in the firm include Snapdeal founders Kunal Bahl and Rohit Bansal, Paytm founder Vijay Shekhar Sharma, Freecharge founders Kunal Shah and Sandeep Tandon, and Zishaan Hayath, founder of Toppr.
The company allows users to rent premium apparel and accessories, and curates apparel and accessories from designers such as Ritu Kumar and Masaba Gupta, among others. Flyrobe currently operates in Mumbai and Delhi and plans to branch out to Hyderabad and Bengaluru in the coming months. The company plans to make an offline play soon.
The company expects to grow 4-5 times, and triple its designer roster to 150 by March 2017.
Flyrobe competes with Bangalore based Flont, Delhi based Swishlist, Stage3, Mumbai based Blinge and Chennai-based HiFlame14 among others.