Fashionara seeks 15 million dollars for expansion

Fashionara, a Bangalore-based ‘e-fashion’ start-up 

co-founded by Arun Sirdeshmukh, former Chief Executive Officer and Director of Reliance Trends, is looking at raising Series-B funding of between 10 million and 15 million dollars (Rs 61-92 crores) to build its logistics and optimise its technology for mobile devices. Company also has plans to set up warehousing facilities in New Delhi and Hyderabad next year.

The online high-fashion lifestyle store, which started operations just about a year back, had raised a Series-A funding from two venture capital firms – Helion Venture Partners and California-based Lightspeed Venture Partners. The company has a 25,000 square feet central warehousing facility in Bangalore from where it ships out the products to key cities like Delhi, Hyderabad, Mumbai and Pune through various air and on-the-ground logistic tie-ups.

It claims to be witnessing orders between 800 to 1,000 per day since last month with each order worth Rs 1,600-Rs 1,800. The platform plans to add high-value accessories like sunglasses, watches and perfumes to its product catalog apart from increasing its total number of 300 brands to 500 by the first half of 2014.