Online men’s apparel retail start-up Fetise Retail Pvt Ltd, which runs the site Fetise.com, is raising $5 million from Seedfund by selling an undisclosed minority stake to the early-stage investor. Fetise has positioned itself as an online designer outlet dedicated to men.
March 2011 start up 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.
Mahesh Murthy, Managing Partner of the Seed Fund, said to The Economic Times: “What attracted us to Fetise was a clear focus on Men’s Apparel, very often we see start-ups in the e-commerce space who want to sell everything, but here they’ve picked a category and built a large product line.”
According to the company, it is a ‘by invitation only’ club that offers its members a wide range of clothing, shoes and accessories from international brands. Fetise.com’s product line includes men’s apparel, footwear and accessories, which has helped the company rack up average billing amount of Rs 1,500. Fetise.com has two warehouses and is planning to open more over the next 6-12 months. Chetan Bafna of Fetise.com said, “Our fundraising process started six months ago on Super Angels, and we’re overjoyed that the fundraising has closed on the TV platform too.”
Recently, online apparel and accessories retail has been a ferment of action. First, Times Internet Ltd, a part of the Times Group, launched a new e-commerce site called hutk.com. Other players in the business include Fashionandyou, Bangalore-based TPS Shopping Outlet Pvt Ltd that runs the website ThePrivateSales.com and the recently launched Smile Group-backed venture Freecultr that has also raised VC funding. However, all these companies are not in traditional e-com but specialise in deals and flash sales.
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