FableStreet raises seed capital from the angel investors

FableStreet, a premium work-wear brand, has raised capital in a seed round from angel investors including Kanwaljit Singh (MD, Fireside Ventures), Harmeet Bajaj (founding member, NIFT), Pameela P (senior director, Unilever), Fusiontech Ventures and others. Launched in 2016 by Ayushi Gudwani, an ex-McKinsey consultant and IIM Calcutta alumnus, the startup is expected to use the money to scale up operations and its team. It will also open international shipping and pilot a concept store model, FS Studio. The CEO worked thought each function of the firm to build proprietary sizing algorithm for Indian bodies and to understand quality, fabrics and garment construction before launching the brand. FableStreet competes with others in this space including Kaaryah which is backed by Ratan Tata and Mohandas Pai, and Limeroad among others.

Kanwaljit Singh, one of the angel investors, commented that “FableStreet plays in a large, underserved and growing women’s wear market. It has a clear and unique value proposition validated by its consumers. They are already seeing extensive repeat purchases and extremely low returns (which are unheard of, in apparel industry)”. The startup is known for avoiding the path of giving huge discounts and instead work on providing quality products.