New Delhi-based online renting platform for designer wear, Stage3 which is backed by Technolour Dream Pants Pvt Ltd., has raised angel funding from a group of investors. The investors include Former AOL executive Nisha Sharma, Dalmia Bharat Group’s Puneet Dalmia and Stanford University professor Balaji Prabhaka. The raised funding will be used to expand operations and strengthen its technology back end.
The company has sold 16% of its stake to the investors. Launched by Sabena Puri, fashion designer Rina Dhaka and Sanchit Baweja, former CEO of Buttons and Threads, the startup went live last month. It allows women between the ages of 21 and 35 to rent dresses for events like weddings from designers for Rs 3,000 to Rs 4,000 per evening. Users can keep the garments for up to eight days.
The startup also plans to explore the pre-owned luxury wear space after it achieves scale. Its competitors include FlyRobe, Klozee and LibeRent. In August 2015, Klozee raised seed funding from TracxnLabs.
Stage3’s platform is similar to New York-based Rent the Runway, which has raised over $100 million funding since its inception. One of Stage3’s investors, Nisha, had earlier served as CFO of Rent the Runway that provides designer dress and accessory rentals.