With the help of current investors Fireside Ventures, HirePro Consulting, ASA Holdings, NKA Resources, and other angel investors, FS Life, the parent company of the direct-to-consumer women's fashion brand FableStreet, is raising Rs 35.54 crore, or about $4 million, under the direction of Colossa Ventures.
Key Highlights
- FS Life, FableStreet’s parent, is raising $4 million in a Series B round led by Colossa Ventures.
- Existing investors like Fireside plus angels will participate in this funding.
After raising Rs 50 crore in its pre-Series B round led by Fireside Ventures, this is the company's first fundraising effort in three years.
According to its regulatory filing with the Registrar of Companies (RoC), the board of FS Life decided to raise the aforementioned amount by issuing 10,282 Series B compulsory convertible preference shares at an issue price of Rs 34,568 each.
With an investment of Rs 10 crore, Colossa Ventures, through its Colossa WomenFirst Fund, will lead the round. Fireside Ventures will follow with Rs 7 crore. The contributions from HirePro Consulting and ASA Holdings are Rs 2.5 crore and Rs 3 crore, respectively. The round will also involve a group of angel investors, including Rahul Kayan and Rahul Garg.
Fireside Ventures, Mirabilis Investment Trust, and other investors gave the company Rs 9.44 crore from the aforementioned round in July; the remaining sum is anticipated to arrive shortly.
Estimates indicate that FS Life's post-money valuation stayed constant at Rs 370 crore, or $42 million.
FS Life is a women's clothing and lifestyle brand that was founded in 2015 by Ayushi Gudwani. Some of its brands are Pinkfort, March Jewellery, and FableStreet. Pinkfort offers modern Indian clothing with a modern twist on traditional styles, March offers semi-precious and sterling silver jewelry, and FableStreet specializes in western clothing with a focus on flawless fits.
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The Gurugram-based business has raised more than $9.5 million so far, with Fireside Ventures serving as its primary investor, according to startup data intelligence platform TheKredible.
The company has not yet released its financial results for FY25. Its operating revenue increased by more than 40% in FY24, but its losses increased by 70% to Rs 17 crore in the same time frame.
FS Life's competitors include FabAlley, Fashor (ethnic wear), jewelry startups like GIVA and Palmonas, and other direct-to-consumer fashion and jewelry brands like NEWME, which raised $18 million in July of last year.
