IDG Ventures India, the local venture capital affiliate of media and events firm International Data Group, has led a Rs 350m ($5.3m) round for India-based fashion rental service Flyrobe, the Economic Times has reported.
Gree Ventures, the corporate venturing arm of Japan-headquartered digital media company Gree, also invested in the series A round, as did Sequoia India and angel investors including Vijay Shekhar Sharma and Leon Seynave.
Flyrobe operates an on-demand clothing rental platform that supplies high fashion and designer items for a period of up to eight days, generally charging 10% to 15% of the item’s retail price.
The company, which currently operates in Delhi and Mumbai, will use the funding to expand to five more Indian cities including Hyderabad and Bangalore, and plans to grow its technology, product and business development teams.
The latest funding follows a $1.7m seed round in July this year featuring Sequoia Capital and angel investors Rohit Bansal, Kunal Bahl, Sandeep Tandon and Kunal Shah.