FS Life, the parent company of fashion brands FableStreet and Pink Fort, has raised Rs. 50 crores in its latest funding round led by Colossa Ventures and Rahul Garg, founder and managing partner of IGNITE Growth LLP, with participation from existing investors Fireside Ventures and Mirabilis Investment Trust.
Colossa Ventures, co-founded by Ashu Suyash (former CEO, CRISIL and Fidelity India Mutual Fund) and Vandana Rajadhyaksha (former partner at ICICI Ventures & Aditya Birla Ventures), invests in category-defining, innovative businesses set up by exceptional women founders. Rahul Garg, former senior partner at Premji Invest, comes with deep expertise in consumer brands, having previously served on the boards of Fab India and Future Lifestyle and currently being on the board of Purple Style Labs (Pernia’s Pop-Up).
Founded in 2016 by Ayushi Gudwani, FS Life is currently operating at a revenue run rate of Rs. 160 crores, having seen exceptional growth in the last 6 months with high capital efficiency. Its flagship brand, FableStreet, has redefined western wear for Indian women by adopting a “Designed for Indian Curves” philosophy. The brand initially built its proprietary sizing algorithm on the basis of 200 body measurements and now leverages a database of 300,000+ body measurements to deliver superior fits tailored to Indian body types. Pink Fort, the company’s second brand, seeks to modernise Indian wear for the modern Indian woman.
“I started FableStreet with the aim of making every woman feel special and confident through what she wore. While the journey has had its ups and downs in the last 9 years of operating the business, it is this north star and customer love which has kept us going,” said Ayushi Gudwani.
Last year, FS Life elevated Adarsh Sharma, one of its early employees, to co-founder, reinforcing its commitment to building leadership from within. The company plans to deploy the new capital towards offline expansion as it nears operational break-even. FS Life currently runs five stores across Mumbai, Pune, and Delhi NCR and aims to double this footprint in the next six months, with a longer-term goal of opening 100+ stores in the next three years. “Our offline rollout has started off extremely well. We are outperforming competitor brands across all locations, and our stores are paying back invested capital within 18 months,” added Adarsh Sharma
Commenting on the investment, Ashu and Vandana of Colossa Ventures noted: “FS Life has redefined modern fashion for today’s women, setting a new benchmark in stylish yet comfortable western workwear and contemporary Indian wear. Its future orientation, inclusive sizing powered by proprietary technology, high-quality designs, and commitment to delivering exceptional customer value embody Colossa’s vision of a Women-First business. Ayushi’s early recognition of a white space in Indian fashion, and her ability to build a scalable, sustainable brand around it gave us strong conviction to back her and lead this round.”
Rahul Garg added, “I have known Ayushi for a long time and greatly admire her tenacity and the way she has built the business. While many companies have scaled in the men’s casual wear, Gen-Z & ethnic wear spaces, I believe women’s western wear & modern Indian wear are both spaces up for disruption from homegrown brands. I believe FS Life is perfectly positioned in both these spaces. I am proud to join this journey in building a unique apparel business focused on solving real problems for today’s urban working women and also creating significant positive impact in a crowded apparel market.”
Dipanjan Basu of Fireside Ventures, which has invested in the company for the third time, said, “We have seen the journey of FS Life for the last 5 years and have witnessed closely their focus on solving fashion problems for Indian women with passion. Having solved for sizing in women’s western wear through use of tech, data and consumer insights, FableStreet has established itself as a leading western wear brand with immense customer love. We have no doubt it’s an iconic brand in the making!”
