FS Life, the parent company of fashion labels FableStreet and Pink Fort, has raised ₹50 crore ($5.6 million) in a fresh funding round led by Colossa Ventures and Rahul Garg (founder of IGNITE Growth LLP).
The round also saw participation from existing investors Fireside Ventures and Mirabilis Investment Trust.
The fresh funds raised will be used to expand its offline presence, with plans to double its retail stores, currently five across Mumbai, Pune, and Delhi NCR, within the next six months, and aims to open over 100 stores in the next three years.
Prior to this round, FS Life had raised just over $9 million in its Series B funding round in 2022 from investors such as Fusion Tech Ventures, Kanwaljit Singh, and Harmeet Bajaj.
Founded in 2015 by Ayushi Gudwani, FS Life is a house of women’s apparel and lifestyle brands, including FableStreet, March Jewellery, and Pinkfort.
FableStreet offers western wear designed for perfect fits, March specializes in sterling silver and semi-precious jewellery, and Pinkfort creates modern Indian wear with a contemporary twist on traditional styles.
FS Life claims it is now close to operational break-even, and its stores start generating returns within 18 months of opening. It is currently operating at a revenue run rate of ₹160 crore.
Ayushi Gudwani, founder & CEO of FS Life, said, “I started FableStreet with the aim of making every woman feel special and confident through what she wore. While the journey has had its ups and downs in the last 9 years of operating the business, it is this north star and customer love which has kept us going.”
Rahul Garg said, “I have known Ayushi for a long time and greatly admire her tenacity and the way she has built the business. While many companies have scaled in the men’s casual wear, Gen-Z & ethnic wear spaces, I believe women’s western wear & modern Indian wear are both spaces up for disruption from homegrown brands. I believe FS Life is perfectly positioned in both these spaces. I am proud to join this journey in building a unique apparel business focused on solving real problems for today’s urban working women and also creating significant positive impact in a crowded apparel market.”
