Friday 23, Oct 2020, Delhi (India)
Delhi-based fashion rental startup Stage3 is all set to utilize the funds to build up the brand experience and collaborate with several prominent celebrities, influencers, and designers in the near future, according to a source.
According to sources, the current funds will be utilized to amplify the brand experience, boost its offline footprint, and augment its data capabilities. Stage3 also plans to collaborate with several prominent celebrities, influencers, and designers in the coming year, adding to the extensive network it has already created.
The brand was founded in 2016 by Sabena Puri, Sanchit Baweja, and Rina Dhaka. The platform provides expensive designer wear available to the client at a fraction of the MRP through a rental business model.
According to sources, Stage3’s CEO and Co-founder Sabena Puri said, “Through our offerings, we want to bridge this gap and help our customers be on top of today’s fashion game without having to worry about high pricing, seasonality, or storage woes. At Stage3, we have proven that the sharing economy is going to change the way we consume fashion in India."
Commenting on the investment, Sanchit Baweja, CBO and Co-founder, Stage3, said, “We are excited that Blume Ventures has extended their support to us to add to our strong ecosystem of investors and advisors, including Nisha Kumar, Ex-CFO, Rent the Runway; and Anaita Adajania Shroff, Fashion Director, Vogue India. We plan to invest heavily in enhancing our data capabilities and focus on building greater awareness among our target audiences about the rental model we are operating with.”
Speaking on the funding, Karthik Reddy, Managing Partner, Blume Ventures, said, “We’ve known Stage3 and its founders for a few years now. We love their commitment to the model and its ability to take aspirational brands and designs from great designers and luxury wardrobes to a growing mass of aspirational consumers. 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.”