On Wednesday, the fashion rental and styling platform Stage3 has raised $ 2 million in a pre-series a funding round. Moreover, the funding round was led by Blume Ventures and highlighted the strong interest of investors in India’s growing fashion rental market.
The funds will be utilized to amplify the brand experience, boost its offline footprint and augment its data capabilities. Also, Stage3 has the plan to collaborate with several prominent celebrities, influencers and designers within the coming year to add to its extensive network.
According to the company, Stage 3 has registered a strong revenue growth of 350 per cent YoY and high engagement metrics, further reinforcing the investors’ decision. The company has consistently recorded high repeat rates and unit economics. Its asset-light model with revenue share inventory is another advantage, accounting for 80 per cent of its current inventory.