FS Life Secures Rs 35.54 Crore for FableStreet
FS Life, the holding company for D2C women’s fashion label FableStreet, has successfully raised Rs 35.54 crore (approximately $4 million) with Colossa Ventures leading the investment round. Notable existing investor Fireside Ventures, along with HirePro Consulting, ASA Holdings, NKA Resources, and several angel investors, also took part in this funding initiative.
Funding Details and Strategy
This fundraising marks the company’s first in three years since receiving Rs 50 crore in its pre-Series B round, mainly from Fireside Ventures. The board at FS Life approved the issuance of 10,282 Series B compulsory convertible preference shares for the purpose of raising this capital, priced at Rs 34,568 each, as revealed in a regulatory filing with the Registrar of Companies (RoC).
Colossa Ventures, through the Colossa WomenFirst Fund, is set to invest Rs 10 crore, with Fireside Ventures contributing Rs 7 crore. Additional contributions include Rs 3 crore from ASA Holdings and Rs 2.5 crore from HirePro Consulting. A select group of angel investors, such as Rahul Garg and Rahul Kayan, will also join the funding round.
In this funding round, FS Life has already secured Rs 9.44 crore as of July from Fireside Ventures, Mirabilis Investment Trust, and others, with the remaining funds anticipated shortly.
Company Valuation and Background
According to estimates from Startup Superb, the valuation of FS Life has remained steady at Rs 370 crore or $42 million post-money. Established in 2015 by Ayushi Gudwani, FS Life encompasses various women’s apparel and lifestyle brands, including FableStreet, March Jewellery, and Pinkfort. FableStreet offers western wear focusing on perfect fits, March is known for sterling silver and semi-precious jewellery, while Pinkfort presents a modern take on traditional Indian attire.
Financial Performance
The Gurugram-based company has raised over $9.5 million to date, with Fireside Ventures being the primary investor. However, FS Life has yet to publish its financials for FY25. In FY24, the company saw over 40% year-on-year growth in operating revenue but faced a 70% increase in losses, amounting to Rs 17 crore during that same time period.
Market Competition
FS Life encounters competition from various D2C fashion and jewellery brands, including NEWME, which raised $18 million in July last year, along with FabAlley, Fashor focusing on ethnic wear, and jewellery startups like GIVA and Palmonas, among others.