Ethnic wear brand Fashor raises $5 million funding from Blume Ventures
Ethnic wear brand Fashor has raised $5 million in a funding round from early-stage venture capital firm Blume Ventures. The funds will be used for omnichannel expansion, building the brand, and strengthening the supply chain.
Founded by Vikram and Priyanka Kankaria, the brand’s offerings are available through its website, app and fashion marketplaces like Flipkart-owned Myntra, Reliance Ajio and Nykaa Fashion.
“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,” said chief executive Vikram Kankaria.
The startup aims to open over 100 exclusive brand stores in the next few years.
According to industry executives, the branded or organised Indian ethnic wear market is worth Rs 30,000-35,000 crore and is growing at a rate of 20-25%
Commenting on the investment, Apurva Dixit, AVP Investments at Blume Ventures, 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."
