Mumbai-based online fashion rental portal Flyrobe has raised Rs 35 crore in its second round of funding led by IDG Ventures, with the participation of Tokyo-based GREE Ventures and existing investor Sequoia India. The other investors who participated in the round include Paytm's founder Vijay Shekhar Sharma and Stanhope Capital chairman Leon Seynave. Till now, the startup has raised a total of $7 million funding.
Flyrobe aims to utilize the raised funding to expand to five more cities including Hyderabad, Bangalore, as well as to strengthen its technology, product and business teams, as reported by ET. Flyrobe is currently operational in Delhi and Mumbai.
"We want to build the country's largest virtual wardrobe which women can rely whenever they have an occasion," said Shreya Mishra, 27, CEO and cofounder at Flyrobe.
Omapal Technologies Pvt. Ltd, which runs Flyrobe, was founded by IIT Bombay alumni Shreya Mishra, along with Pranay Surana and Tushar Saxena, it is an on-demand apparel rental platform that provides premium designer wear and branded outfits and accessories on rent at 10-15% of the retail price from for upto eight days.
On the supply side, the company is partnering with designers and brands to list their merchandise on a revenue sharing model. Also, it expects to grow 4-5 times, and triple its designer roster to 150 by March 2017.
Flyrobe competes with players like Bangalore based Flont, Delhi based Swishlist, Stage3, Mumbai based Blinge and Chennai-based HiFlame14 among others.
Flyrobe aims to utilize the raised funding to expand to five more cities including Hyderabad, Bangalore, as well as to strengthen its technology, product and business teams, as reported by ET. Flyrobe is currently operational in Delhi and Mumbai.
"We want to build the country's largest virtual wardrobe which women can rely whenever they have an occasion," said Shreya Mishra, 27, CEO and cofounder at Flyrobe.
Omapal Technologies Pvt. Ltd, which runs Flyrobe, was founded by IIT Bombay alumni Shreya Mishra, along with Pranay Surana and Tushar Saxena, it is an on-demand apparel rental platform that provides premium designer wear and branded outfits and accessories on rent at 10-15% of the retail price from for upto eight days.
On the supply side, the company is partnering with designers and brands to list their merchandise on a revenue sharing model. Also, it expects to grow 4-5 times, and triple its designer roster to 150 by March 2017.
Flyrobe competes with players like Bangalore based Flont, Delhi based Swishlist, Stage3, Mumbai based Blinge and Chennai-based HiFlame14 among others.
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