FASHOR, an ethnic wear fashion brand, announced a fundraise of $5 million from Blume Ventures. The company states that this investment will be utilised for omni-channel expansion, brand building and strengthening its supply chain.
Founded by Vikram and Priyanka Kankaria, FASHOR has rapidly established itself as a leading brand in affordable designer fashion, launching high-quality designs at accessible price points. FASHOR has emerged as a top-performing brand across D2C and marketplaces, and its offerings are available through its website, app and fashion marketplaces like Myntra, AJIO and Nykaa Fashion. Apart from a strong online presence, FASHOR has also in a short span become a top-ranked brand in Shoppers Stop and Lifestyle stores across India. Recently, FASHOR announced their association with Bollywood star Sara Ali Khan as their first-ever brand ambassador, with a campaign titled “Dil se Indian”.
“This investment marks a significant milestone for our Company, and we are delighted to welcome a pedigreed fund like Blume Ventures to our cap table,” said Vikram Kankaria, Co-Founder and CEO of FASHOR.
“We are excited to leverage this partnership to drive our next phase of growth, with a continued focus on delivering exceptional value to our customers,” he added.
Apurva Dixit, AVP Investments at Blume Ventures, commented on the investment, and said, “FASHOR is making quality fashion accessible to women, driving freshness in ethnic wear like never before. Priyanka and Vikram have instilled a strong product DNA in FASHOR, supported by a scalable supply chain, that enables them to offer price points untouched by national incumbents. While largely online, they are making strides into building an offline presence. We are excited to support them as they blend their passion for design and business to create a large and deeply loved brand.”
Sajith Pai, Partner at Blume Ventures, commented, “At FASHOR, Vikram and Priyanka have created a strong brand addressing a whitespace in the masstige festive & occasion wear category. We look forward to partnering with them on the next phase of their journey, expanding the brand’s presence across offline channels and helping scale supply chains to support this growth.”
The funding will help FASHOR expand its retail footprints, with plans to open over 100 exclusive brand stores in the coming years. With India’s aspirational middle class making a gradual shift to branded clothing, there’s a big opportunity for fashion-forward brands like FASHOR to capture market share.
Sprout Capital & Private Circle acted as the financial advisors on the transaction. Early investors in the Company also got an exit, making over 500% return.
