India: Fashion rental platform gets angel funding, dilutes 16% stake

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Delhi-based, an omni-channel fashion styling and rental platform, has raised an undisclosed amount in angel funding from a group of angel investors by diluting equity, according to a report in INC42.

Investors who participated in the round include Nisha Kumar, ex-CFO of Rent the Runway and AOL Inc, Puneet Dalmia of Dalmia Bharat Group, and Balaji Prabhakar, professor of computer science at Stanford University and chief scientist at Urban Engines., run by Technolour Dream Pants Pvt Ltd, has also given up 16 per cent equity against the fresh investment, the report said. The startup will use the funds to expand its operations and strengthen its back end technology.

Founded by Sabena Puri, Rina Dhaka and Sanchit Baweja, the portal is a next generation fashion technology rental and styling startup. It is currently in the process of creating an ecosystem of designers, stylists, logistics partners and customer support professionals that are leveraging technology to deliver personalized fashion experiences that can be rented.

The members of the startup’s advisory board include Anaita Shroff Adjania, fashion director of Vogue and stylist to Deepika Padukone, Gautam Kalra, official stylist to Lakme Fashion Week, Arjun Sawhney, co-owner of The Communications Council, and Pearl Uppal, ex-cofounder and CEO of Fashion and You.

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