Fetise.com, a private fashion sales club and an online shopping site for men in India, has raised a funding of $5 million from an Early-stage investment firm SeedFund that has committed to take a minority stake in the website, this deal was sealed after a pitch made on Super Angels, a television series on the 'Starting Up' show broadcast by ET NOW
This Mumbai-based startup was founded in March 2011 by Chetan Bafna, Abhishek Shah, Somya Tambi and Subir Ghosh, college-mates who met at the ICFAI Business School in Gurgaon. In nine months, the start-up is clocking over 500 transactions per day at a revenue run-rate of Rs 2-2.5 crore per month.
Fetise.com was also one of the shortlisted start-ups at the Proto.in, an industry event for startups that took place at Chennai in July this year, reports ET.
Fetise.com's product line includes men's apparel, footwear and accessories, which has helped the company accumulate average billing amount of Rs 1,500. It has two warehouses and is planning to open more, over the next 6-12 months.
Online flash sale sites in India have sprung up in response to rising investor interest in private sale websites across the globe with Gilt Groupe and Rue La La in USA and Ventee Private in Europe. Gilt Groupe raised $40 million at a valuation of $1 billion.
In India, portals such as Exclusively.in, 99Labels.com, Bagittoday and FashionAndYou.com have also attracted top venture capitalists. In November 2010, Exclusively.in raised $2.8 million from Accel Partners and Helion Venture Partners. This was shortly followed by Fashionandyou.com raising $8 million from Sequoia Capital India. Fashionandyou.com is backed by Group Buying Global AG, the same holding company behind Gilt Groupe and is part of a global brand alliance of private sales clubs in 8 other countries – Russia (with KupiVIP), Brazil and Mexico (with Brandsclub), Turkey (Markafoni), Middle East (Sukar), Australia (brandsExclusive), and Switzerland (FashionFriends). Germany’s multimedia group Axel Springer AG also acquired 19.1% stake in BagItToday.com, an invitation-only online market run by Today Merchandise Pvt Ltd of the India Today Group.
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