Fable Street Lifestyle raises ₹50 cr from Fireside Ventures, others

NEW DELHI: The direct selling company Fable Street Lifestyle Solutions Pvt. Ltd., which operates western clothing brands FS Life, FableStreet, Marigold and Mikoto, has conducted a pre-series B round 50 crore led by its existing investor, Fireside Ventures.

Startup founder Ghazal Alagh, co-founder of MamaEarth; Mehul Agarwal & Vikram Chopra, co-founders of Cars24; Malika Sadani, founder of The Moms Co., and Ruchi Kalra, co-founder of OfBusiness also joined the panel.

This is the company’s third increase since its inception in 2016.

In 2019 it had increased 21 crore in a pre-series A round by Fireside Ventures and others. Previously it had increased around 3 crore from friends and family.

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The company has now expanded its focus to curate lifestyle brands as well. It is home to brands such as Marigold, a contemporary Indian fashion brand, and Mikoto, a sterling silver jewelry brand. This funding will be used to scale all of its brands and to launch or acquire new brands in strategically identified white spaces.

Founded in 2016 by Ayushi Gudwani, the company began as a premium workwear brand. Delhi, Mumbai and Bengaluru contribute about 55% of the company’s revenue and about 40-45% come from Tier II cities.

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In its earlier capital raise, investors included Pradeep Parameswaran, President of Uber India and South Asia; Dilip Khandelwal, Managing Director and Head of Technology at Deutsche Bank; and Suhail Sameer, CEO of RP-Sanjiv Goenka Group, who have invested in their personal skills.

Dipanjan Basu, Partner at Fireside Ventures said: “We have seen the company grow despite Covid and with capital efficiency. We have invested in them again, believing that they will transform the landscape of the fashion industry in India.”

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Gudwani said the company will seek to acquire a deeply ethnic brand that is in the athleisure space. “We have built a capital efficient business and now plan to use that money to scale our supply chain technology, build a team and also move into offline retail,” she said.

A 2022 India D2C Report by CII and Shiprocket states that D2C brands are valued at US$60 billion by FY27, registering a CAGR of about 40%.

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