Fashion rental platform Stage3 raises $2 mn
New Delhi-based fashion rental and styling platform Stage3 has raised $2 million in a seed round led by Blume Ventures.
Stage3 will use the fresh funds to expand its offline footprint and augment its data capabilities, it said in a statement. The platform also plans to collaborate with celebrities, influencers and designers in the next few months.
Founded in 2016 by Sabena Puri, Sanchit Baweja and Rina Dhaka, the company claims to help users rent fashion products. It targets millennials via a two-pronged approach. It helps users access expensive designer wear at a fraction of the cost through a rental business model and also sells capsule collections of 'elevated basics' through its home-grown fashion brand 'Alaya'.
In the millennial minimalistic fashion segment, elevated basics refer to clothes that are functional, chic and versatile.
Users can rent out their own designer wear on the platform. Stage3 also provides in-house stylists, who advise customers on fashion and style.
"Constant exposure to the best of designs and creations the world over, their desire to experience such fashion is high. Platforms that make accessing such products easier for the buyer have great potential for success," said Puri.
Stage3 claims to have over 100 designers, fashion enthusiasts and a network of relations with 25 celebrity stylists, 150 bloggers, influencers and above 50 celebrities on its platform.
The startup has registered a revenue growth of 350% year-on-year, according to the statement.
“Rental culture and recycling or reuse is here to stay as youth understand wastage more than the last generation or two. By providing choice, convenience and prices that special occasions demand in their lives, Stage3 is providing coolness with sustainability in the new India,” said Karthik Reddy, managing partner at Blume Ventures.