Total amount raised
$10.7 Millions
Latest funding date
Location
Flyrobe has successfully raised funding through multiple rounds, with its last known funding type being a venture round. The platform offers an on-demand apparel rental service, providing premium designer wear for various occasions.
Flyrobe's innovative approach to fashion rental has attracted a diverse group of investors, including InnoVen Capital. Keep reading to explore the intricacies of Flyrobe's fundraising journey and the investors backing this unique platform.
What Is Flyrobe?
Flyrobe, founded in 2015, is a leading fashion rental platform based in Mumbai, Maharashtra, India. The company was established by Pranay Surana, Shreya Mishra, and Tushar Saxena.
Operating in the apparel, e-commerce, fashion, lifestyle, and rental industries, Flyrobe offers a wide range of rental services, including Western Wear, Ethnic Wear, Accessories, and Men's Collection. The company employs between 11 and 50 people and has expanded its presence with offline stores in Mumbai and Delhi.
Flyrobe was acquired by RENT IT BAE in 2019 and continues to grow, recently opening a second franchise store in Bengaluru. The platform caters to customers looking for occasion wear on rent, providing a convenient and stylish alternative to purchasing.
How Much Funding Has Flyrobe Raised?
- Seed Round
- Amount Raised: $1.7M
- Date: July 2016
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and establish a market presence.
- Series A
- Amount Raised: $5.3M
- Date: August 2016
- Lead Investors: Chiratae Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the product line.
- Non-Equity Assistance
- Amount Raised: $50K
- Date: November 2016
- Lead Investors: Google Launchpad Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage Google's resources for technological advancements.
- Series B
- Amount Raised: ₹264M (approximately $3.6M)
- Date: September 2018
- Lead Investors: Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support offline expansion across multiple cities.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: InnoVen Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand operations and enhance service offerings.
Total Amount Raised: $10.65M
Current Valuation: Not publicly disclosed
Key Investors
- InnoVen Capital
- Details: InnoVen Capital is a leading venture debt firm that provides financing to high-growth companies. They have a strong presence in Asia, particularly in India, China, and Southeast Asia.
- Investment Focus Areas: Venture debt financing, high-growth companies, technology.
- Notable Investments: Swiggy, Byju's, OYO Rooms.
- Peak XV Partners
- Details: Peak XV Partners, formerly known as Sequoia Capital India, is a prominent venture capital firm investing in early to growth-stage companies. They have a significant focus on the technology and healthcare sectors.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: Flipkart, Ola, Zomato.
- Google Launchpad Accelerator
- Details: Google Launchpad Accelerator is a program by Google that supports startups in emerging markets. They provide mentorship, resources, and funding to help startups leverage AI and machine learning.
- Investment Focus Areas: AI, machine learning, emerging markets.
- Notable Investments: Dunzo, Khatabook.
- Chiratae Ventures
- Details: Chiratae Ventures is a venture capital firm that invests in early to growth-stage companies across various sectors. They are known for their focus on technology, healthcare, and consumer sectors.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: Myntra, CureFit, Lenskart.
- Sequoia Capital
- Details: Sequoia Capital is a global venture capital firm that invests in companies across various stages of their lifecycle. They have a strong track record of backing successful technology and consumer companies.
- Investment Focus Areas: Technology, healthcare, consumer, financial.
- Notable Investments: Google, Apple, WhatsApp, Airbnb.
What's Next for Flyrobe?
Flyrobe stands at the cusp of significant growth opportunities, driven by the increasing popularity of fashion rental services and the rising consumer interest in sustainable fashion. The company plans to expand its offline presence across multiple cities, leveraging its strong online market position. This expansion could attract further investments from existing and new investors, given the substantial interest already shown by major players like Sequoia Capital.
Future fundraising opportunities appear promising as Flyrobe continues to grow its revenue and market presence. The company’s ability to leverage technology to enhance user experience and operational efficiency will be crucial in attracting additional investments. However, Flyrobe may face challenges such as managing operational costs and competition from other fashion rental startups and traditional retail.
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