As per Google India, the online fashion industry is expected to touch $35 billion by 2020. A Statista study revealed that the Indian women’s apparel market was projected to reach over Rs 2.9 trillion by 2028. This growth will be fuelled by the working women population in India.
The emergence of private labels and startups with unique business models is attracting investors to the fashion market. In November 2019, Alia Bhatt backed personal styling platform StyleCracker attracted $2 million funds from US-based investor AMJ Ventures. Women-centred ecommerce platform SimSim also raised $6 million in a Series A funding from Accel India and China-based Shunwei Capital.
Similarly, Chennai-based women’s fashion and apparel startup Fashor raised $1 million in a Pre-Series A funding round led by an early-stage and seed-stage venture capital firm Sprout Venture Partners. The company will utilise these funds to accelerate growth and expand its brand presence, both in online and offline channels.