India’s Fireside Ventures leads Series A funding in FableStreet

Fireside Ventures managing partner Kanwaljit Singh

FableStreet, premium work wear brand, on Monday raised 21 crores in a Series A round, led by Fireside Ventures. Other investors who participated in their personal capacity included Pradeep Parameswaran, President for Uber India and South Asia, Dilip Khandelwal, Managing Director and head of Technology of Deutsche Bank and Suhail Sameer, CEO at RP-Sanjiv Goenka Group.

According to the company, the funds will be utilized for market expansion including building an offline presence, adding product categories and hiring senior professionals who will partner in growth and brand building. As a tech-enabled brand, FableStreet also plans to invest in Artificial Intelligence and machine learning to build a customer recommendation engine, strengthen product development and set up a tech-enabled efficient supply chain.

FableStreet also plans to enter offline retail with brand-owned stores in the coming months and will now adopt an omnichannel model.

The brand is one of the first Indian brands to tap women’s formal wear and competes with the likes of Marks & Spencer and Zara in quality work wear category.

“We are building a one-stop destination for all lifestyle needs of professional women. Since our launch, we have seen massive product acceptance, globally, and our ‘My Style, Your Fit’ concept to offer bespoke fits has to be the real differentiator. We are excited to partner with Fireside in this journey to scale FableStreet,” said Ayushi Gudwani, Founder and CEO, FableStreet.

Basu will also be joining FableStreet as one of the board members.

In 2017, FableStreet had raised an undisclosed sum in seed funding from a clutch of angel investors.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.