The Chennai-based women’s fashion and apparel brand Fashor has recently raised $1 million in a Pre-Series A round led by Sprout Venture Partners with participation from IP Ventures, Venture Catalysts and other HNIs.
The startup in a statement said that they will deploy the funds to expand to other online and offline channels.
On similar lines, Sahil Gupta, Partner, Sprout Venture Partners, said:
“We like Fashor as there is a need for brands in the women’s wear market owing to a shift to branded clothing, because of the rise in fashion consciousness and increasing disposable incomes.”
Vikram Kankaria, Co-founder of Fashor, said,
“Fashion is the first category that most consumers buy online and is soon going to emerge as the largest ecom category. Very few brands currently exist and over 80 percent of the $21 billion women’s apparel industry is unbranded. The company is well placed to capitalise on this growth opportunity for branded players and has seen strong traction since inception. The funding will help the company in accelerating growth and will help Fashor become a leading affordable fashion brand.”
Founded in 2017 by Vikram Kankaria and Priyanka Kankaria, Fashor offers trendy Indian and indo-Western clothing for women across India and capitalises on its affordable pricing. The brand claims to be India’s largest brands in terms of the number of designs in their inventory.
The startup has over 75,000 customers and over 70 percent revenue coming from the website and mobile app.
About Sprout Venture Partners
Founded in 2017 by Sunil Jain and Sahil Gupta, Sprout is an early-stage VC fund that invests in Pre-series A and Seed-stage consumer brands and product technology companies. The VC has invested in startups like Absentia, Goals101, Trell, HealthFin, Fitso, and Advantage Club.