23 January 2020
India's coveted start-up club of unicorns- firms valued at US $ 1 billion or more - is growing faster than ever. Here are some names in the apparel start-up ecosystem that have become synonymous with their respective categories and continue indomitable to capture more and more consumers.
Founded in 2011 by Richa Kar when the idea of a portal dedicated to lingerie had never been thought of, the pioneering firm has since then maintained its strong grasp on the market and continues to serve women throughout the country. In 2018, Zivame made a revenue of Rs.86.6 crore, up from Rs.53 crore the previous year, which is an impressive growth. “Zivame brand continues to grow exponentially, and we are poised to hit 75 per cent + growth in FY ’20. As of September 2019, Zivame brand has hit a Rs.300+ crore annual runrate,” asserts Amisha Jain, CEO, Zivame.
Started in 2015 by three entrepreneurs who were captivated by the concept of asset utilisation and rental economy, the idea was to extend this to fashion. Flyrobe has had a phenomenal growth rate of almost 300 per cent in the past three years and its net revenue for FY ’19 was Rs.15 crore, which means the company rented out merchandise worth Rs.100 crore in 2018 alone.
AKS Clothing was launched in 2014 with a seed capital of Rs.3.5 lakh and has catapulted into one of the most trusted brands for women’s ethnicwear in India. The brand has managed to maintain an incredible growth rate of Rs.100 crore with topline growth registering at 150-200 per cent. Even in its first year of functioning, AKS had garnered a revenue of Rs.1.6 crore which has grown to Rs.75 crore for the first three quarters of FY ’19.
One of the pioneers in premium women’s workwear category, FableStreet raised seed capital in 2017 from angel investors Kanwaljit Singh (MD, Fireside Ventures), Harmeet Bajaj (Founding Member, NIFT), Pameela P (Senior Director, Unilever), Fusiontech Ventures and others.The company garnered a revenue of Rs.2-3 crore in FY ’18, according to Business Today, within two years of starting out.“We currently engage with over a million women online every month and have served close to 25,000 customers since our launch,” shares Founder and CEO Ayushi Gudwani.
Clovia, from the house of Delhi-based Purple Panda Fashions Pvt. Ltd., is a lingerie and sleepwear brand that designs, manufactures and sells premium fashion lingerie, innerwear, nightwear and shapewear. It has successfully captured the offline retail set-up with 12 outlets by the end of 2018 and plans to open a total of 75 stores across the country by the end of 2021.60 per cent of the company’s revenue comes from Tier-2 and Tier-3 cities. Clovia has raised US $ 10 million in Series-B funding round led by AT Capital in 2019.
Fynd is a Mumbai-based omnichannel platform for fashion and lifestyle which lets offline retailers sell online. It caught the eye of Reliance Industries which is set to acquire 87.6 per cent stake in the e-commerce platform for Rs.295 crore, according to a Reliance Industries’ filings in the Bombay Stock Exchange. According to the terms of the deal, RIL has the option to further invest up to Rs.100 crore in Shopsense Retail Technologies, the parent company of Fynd, by December 2021.
The fashion and lifestyle brand, which started operations in 2014, has been doing phenomenally well and has added various categories to its product collectionsnow also offering shoes, accessories andhome décor in addition to clothing for men and women.The new verticals are expected to contribute approximately 40-50 per cent of the revenue by the end of FY ’20.Currently about 85 per cent of its revenue comes from e-tailing.
Founded in December 2016, Turms is an internet-first intelligent apparel company. It offers apparel that are stain repellent, odour resistant, cooling and sweat wicking and do not require to be washed as often, decreasing the use of water and detergent.The company’s latest rounds of funding include Rs.2 crore angel funding after hitting a Rs.24 crore revenue run rate. In 2018, Turms raised Rs.6.3 crore from a clutch of angels.
At a time when most retailers, be it offline or online, are reporting stunted growth or shutting shops, in India and internationally, LimeRoad is a breath of fresh air. Last year, the fashion e-tailer reported a 78.5 per cent increase in revenue from Rs. 89.73 crore in FY ’17 to Rs. 160.2 crore in FY ’18. At the same time, the company managed to control the growth in expenses by 20 per cent. The amount stood at Rs. 219.67 crore in FY ’18 rising from Rs. 183 crore in FY ’17.