Apparel Online India Magazine March 1st Issue 2019 | Page 81

INDIA’S PREMIER SOURCING SHOW
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THE LUXURY CLOSET
T
he Luxury Closet is a Dubai-
based luxury e-commerce portal,
which focuses on the pre-owned
segment, with 60 per cent of its
sales reported to be coming from
high-end luxury brands like Louis
Vuitton, Chanel and Rolex that
rarely provide discount on their
merchandise. Founded by Kunal
Kapoor, the start-up raised US $ 8.7
million in growth funding in a round
led by existing investors Middle East
Venture Partners (MEVP), along
with participation from Wamda
Capital, Precinct Partners, Tech
Invest Com, Saned and Equitrust.
In April 2015, it raised US $ 2.2
million in a seed round, and closed
a US $ 7.8 million Series-B round in
October 2016.
T
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FA B A L L E Y
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CHUMBAK
T
he Bangalore-based start-up
Chumbak was founded by Vivek
Prabhakar, and the lifestyle brand is
known for its quirky designs. Although
the company was started in 2010,
it forayed into the apparel segment
in 2015. It secured US $ 13.1 million
(Rs. 85 crore) in a round of funding
led by mid-market private equity
firm, Gaja Capital in 2017. Till date,
the PE firm has invested Rs. 52 crore
(US $ 8 million) in the brand as part of
the deal. The other participants in the
round were Matrix Partners India and
Seedfund, the Mumbai-headquartered
10
PE firm which has pumped in a total
of US $ 8 million (Rs. 52 crore) in the
start-up, while Matrix Partners and
Seedfund have invested US $ 3.4 million
(Rs. 22 crore) and US $ 9,31,000 (Rs. 6
crore) respectively. Chumbak was also
planning to raise US $ 20 million in
Series-C funding of US $ 20 million by
the first quarter of FY19.
VOONIK
O
nline fashion brand Voonik raised
US $ 2.6 million (Rs. 16.7 crore)
from Singapore-based RB Investments
in 2018. Founded by Sujayath Ali
and Navaneetha Krishnan, it raised
the fund by issuing 18,900 shares of
Rs. 100 face value at a premium of
Rs. 8,736 each to RB Investments. The
development comes at the back of the
company turning EBITDA positive
on a monthly level. It also raised
US $ 6 million (Rs. 40 crore) from
Singapore-based RB Investments and
existing investor Sequoia Capital. The
company had raised a US $ 5 million
he online-to-offline high-
end fashion brand FabAlley
was founded in 2012 by Shivani
Poddar and Tanvi Malik.
The start-up specialises in
womenswear. Last year in
December, its parent company
High Street Essentials raised US
$ 8.54 million (Rs. 60 crore) in
a Series-B funding round from
SAIF Partners. Excluding this,
the company raised Rs. 22 crore,
including Rs. 5 crore in venture
debt financing from Trifecta
Capital in February 2018, and also
raised US $ 2 million in Series-A
round of funding in 2016 led by
Series-A round of funding from Sequoia
India and early-stage investment
fund Seedfund in 2015. Along with
RB Investments, the e-commerce
company counts on Sequoia, Japanese
e-commerce operator Beenos, Beenext,
Tancom Investments, Times Internet
and Freecharge’s Kunal Shah as its
investors.
It launched
an ethnic-
fusion ,
offline-first
brand Indya
in 2016 .
India Quotient. The start-up
identifies global fashion trends
and converts them into affordable
apparel for Indian women. It also
launched an ethnic-fusion, offline-
first brand Indya in 2016.
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