Snapdeal-backed fashion start-up Flyrobe gets funding from IDG Ventures and Vijay Shekhar Sharma


Online fashion rental portal Flyrobe, which is backed by Snapdeal and Freecharge founders, has raised Rs 35 crore in a fresh round of funding led by IDG Ventures. The round also saw participation from Tokyo-based GREE Ventures, its existing investor Sequoia India, Paytm's founder Vijay Shekhar Sharma, and Stanhope Capital chairman Leon Seynave.

Flyrobe has now raised $7 million in investments.

The start-up is based in Mumbai and also has operations in Delhi; it will use the investment to expand its business to five more cities including Hyderabad and Bangalore, while also strengthening its technology, product and business teams.

"We want to build the country's largest virtual wardrobe which women can rely whenever they have an occasion," Shreya Mishra, CEO and cofounder at Flyrobe, told ET.

Flyrobe offers premium designer wear and branded outfits and accessories on rent at 10-15% of the retail price.

"It acts as an experiential marketing platform for designers and it's a great way for customers to experiment with new brands and styles without having to worry about the price tags," said Mishra.

By the end of this financial year, the company aims to grow 4 to 5 times, and triple its designer roster to 150.

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