14 August 2024, Mumbai
Ethnic wear brand Fashor plans to use the $5 million funds, acquired through a funding round led by early-stage venture capital firm Blume Ventures, to expand the brand’s omnichannel presence and boost its supply chain.
Founded by Vikram and PriyankaKankaria, Fashor offers a range of products available on its website, app, and popular fashion platforms such as Flipkart-owned Myntra, Reliance Ajio, and Nykaa Fashion. The startup plans to open over 100 exclusive brand stores in the coming years.
As per the estimates by industry executives, currently valued at Rs 30,000-35,000 crore, the branded or organised ethnic wear market in India is experiencing growing at the rate of 20-25 per cent.
Apurva Dixit, AVP Investments, Blume Ventures, states, Fashor is making quality fashion more accessible to women, bringing a fresh approach to ethnic wear. The founders have embedded a strong product DNA in Fashor, supported by a scalable supply chain, which allows them to offer competitive price points unmatched by national incumbents.
