We hope to look well and feeling positive in this ever-changing world. This has instilled in us the desire to set newer standards daily. This time, we present to you the intriguing business model of “Flyrobe” that will fascinate you. Flyrobe is an apparel rental firm with the mantra “rent, wear, repeat.”
Let’s dive deep into the story:
About Flyrobe
Flyrobe – Latest News
Flyrobe – Founders
Flyrobe – Startup story
Flyrobe – Vision, and Mission
Flyrobe – Tagline and Logo
Flyrobe – Business model
Flyrobe – Revenue model
Flyrobe – Startup Challenges
Flyrobe – Funding & investors
Flyrobe – Mergers and Acquisitions
Flyrobe – Awards and Achievements
Flyrobe – Competitors
Flyrobe – Fture Plans
FAQ
About Flyrobe
Flyrobe is an apparel rental firm that allows you to rent designer outfits for a reasonable price. It offers a wide range of products for men and women, including ethnic wear, premium apparel, and accessories. It lets you rent high-end clothing and accessories and arranges garments from brands like Ritu Kumar and Masaba Gupta.
It has a presence in ten of India’s most populous cities. Flyrobe serves approximately 12 cities through e-commerce means such as an online portal and iOS and android mobile apps. The company’s headquarters is located in New Delhi’s Rajouri Garden.
| Startup Name | Flyrobe |
|---|---|
| IPO Status | Private |
| Operating Status | Active |
| Company Type | For-Profit |
| Sector | Fashion, Liftestyle, Rental |
| Headquarters location | Mumbai |
| Founders | Shreya Mishra, Tushar Saxena (Co-founder & CTO, Pranay Surana (Co-founder & COO) |
| Founded | 2015 |
| Total Funding | $10.7 million |
| Legal name | Omapal Technologies Private Limited |
| Key people | Pranay Surana(Co-founder), Sachin Shenoy |
| Website | flyrobe.com |
Flyrobe – Latest News
27 November 2019
Flyrobe was acquired by its competitor Rent It Bae, partly in cash and partly in a stock arrangement. The consolidated firms will now be working under the name of Flyrobe and their combined value is roughly INR 60 crore.
7 September 2018
Sequoia Capital led a $3.71 million Series B fundraising round for Flyrobe, an on-demand apparel rental firm.
Flyrobe – Founders
- Shreya Mishra
- Tushar Saxena (Co-founder & CTO)
- Pranay Surana (Co-Founder & COO)
Flyrobe – Startup story
It all started when Shreya Mishra the founder of Flyrobe visited Airbnb headquarters in 2012 for an entrepreneurial seminar at Stanford University, where she came up with the idea for this startup. She was inspired by the potential of rental stores, which may be run with existing assets.
Three IIT Bombay colleagues, Shreya Mishra, Pranay Surana, and Tushar Saxena, began brainstorming ideas for a rental business that might be popular in India. They discovered that consumers pay a fortune on clothes that are only worn a couple of times. It would surely be beneficial to them to freely access new outfits without the burden of ownership.
Flyrobe’s creators quickly carried out a survey, polling 200 females on their thoughts on the concept. Over 80% of participants responded with enthusiastic approval. Flyrobe was established as a result of this.
Tushar Saxena was an expert in IT and was approached by his colleagues to assist them in developing an Android app for Flyrobe. They released the app in September 2015, followed by the website in October.
Omapal Technologies Private Limited was responsible for its inception. The trend of apparel rental grew in popularity, and several companies entered the market. Flyrobe managed to acquire prominence using digital platforms, which supported them in becoming more well-known than rival online rental firms.
Masaba Gupta, Outhouse, and Ritu Kumar are among the designers who have collaborated with Flyrobe. They also collaborated with brands like FCUK, Armani, Asos, and others who also sell western attire.
Flyrobe – Vision, and Mission
Vision
Their vision is: “To make designer clothes available to masses at pocket-friendly prices on rent“
What do they offer? (Mission)
On-demand rental: Choose an outfit at least three days in advance and it’ll be delivered to your door on any set date.
Unlimited subscription plan: Rent any two items from their closet and exchange, repeat, or restore them as desired.
Flyrobe – Tagline and Logo
Flyrobe’s tagline is “Outfit on Rent, Memories Permanent.”
Flyrobe’s Logo:-
Freedom & Fashion was the inspiration for the design. When one can do anything one desires, one is said to be free. By making fashion widely available, they hope to promote freedom in the fashion realm. They genuinely think that one’s preferences, devotion to ownership, and cost need not be limited.
Flyrobe – Business model
Flyrobe’s business model revolves around customers renting an attire for 4–8 days. This portal offers bookings for western dress outfits with a 3–4 hour shipping period and ethnic clothing. The app has a 4.3 rating on Google Play. Influencer marketing is their key marketing strategy.
A diverse selection of designer brands
Flyrobe is the top digital apparel rental firm, offering a large selection of designer clothing for men and women. It offers the most prestigious worldwide brands. People are interested in the Flyrobe since it provides outstanding facilities.
It has a variety of outfits for various events. The finest feature is that it offers a selection from popular brands such as Zara, Armani, and others. It is the finest alternative for individuals who want to dress in designer apparel at a reasonable price.
Affordable rent
Their main line of service is offering a wide selection of authentic traditional attire for a reasonable price. The price is so low which makes it acceptable to all types of people.
It only rents garments for four days. Flyrobe’s business model aims to make global fashion labels accessible to the general public. Some ethnic garments are extremely expensive, and most people cannot afford them, especially if they pertain to a specific brand.
In short, Flyrobe is beneficial for the ones who want to wear branded clothes but can’t afford them due to high prices.
Biggest trade partner
Being the biggest trade partner, it gives people access to the world’s largest marketplace. It has over 1800 designers aboard to provide rental solutions to its consumers.
Serves a variety of metropolitan areas
It offers clothing rental solutions in a couple of key locations across India. The company is working on growing its operations throughout several cities. As a result, they will expand their operations to 30 additional cities. Their business approach relies on offering flexibility across India.
Collaborations with renowned brands and a variety of firms
Their strategy is based on establishing relationships with well-known brands. They feature a large selection of ethnic wear from well-known brands. They can offer their clients unique designs in a wider range. The motive is if the firm has strong & creative affiliates, it will continue to grow.
No additional charges
Flyrobe goes to great lengths to ensure that its customers are satisfied. They offer special pick-up and shipment services to clients who cannot visit the store to collect their orders. Customers aren’t charged anything but delivered the greatest services.
Pooja Uniyal
Flyrobe – Revenue model
Flyrobe earned $2 million in revenue in 2018 and aimed to triple that in 2019. According to the creators, 65 percent of the company’s overall revenue comes from online sales.
Their revenue streams include:
Commission
Every apparel rental purchase on their official site generates a little commission for them.
Advertising
Website or app ads is a component of their long-term revenue strategy.
Subscription plan
Their subscription plan ranging from monthly to annual subscription allows consumers to pay a one-time price in exchange for benefits such as reduced shipping charges, refunds, or perhaps a free apparel rental if they fully subscribe.
Flyrobe – Startup Challenges
While the business hurdles were obvious, they also had to deal with the Indian attitude toward secondhand apparel. People’s assumptions about renting garments are the reason for the sluggish start of the firm. Indians shun those who cannot pay for expensive outfits.
India is a nation based on possession, the most difficult hurdle in implementing a business plan like renting is changing client preferences. A social taboo is linked to rentals because fashion has grown to reflect one’s identity, goal, and prominent status symbols. Their cynicism about sanitation, personality concerns, and social influence are some of the most difficult barriers to overcome.
Only when the customer is willing to rent or wear a previously owned item you would succeed. The perspective shifts as people understand the product’s worth and the reasonable amount they spend for a temporary solution.
Nonetheless, Shreya Mishra believes a trend will eventually be the standard and India is at the onset of that trend.
Flyrobe – Funding & Investors
To date, Flyrobe has raised close to $10.7 million in funding. Sequoia Capital, Chiratae Ventures, and Strive Ventures are among the major financial backers of Flyrobe.
Flyrobe raised $7 million during its initial two series of fundraising in 2016. Paytm CEO Vijay Shekhar Sharma, Stanhope Capital chairman Leon Seynave, and others also contributed. Flyrobe’s technical, biz, and brand development personnel have all enhanced as a result of this funding. Chiratae Ventures led a round of fundraising that year, raising 5.3 million dollars.
In September 2018, Sequoia Capital India led a new investment round, and Flyrobe managed to acquire 26 crore rupees from existing owners. InnoVen Capital led a venture round that received an undisclosed amount of money in January 2019.
Flyrobe was acquired by its competitor Rent It Bae on November 27, 2019, which led to the consolidation of firms that will now be working under the name of Flyrobe and their combined value is roughly INR 60 crore.
| Date | Stage | Amount | Investors |
|---|---|---|---|
| July 5, 2016 | Seed Rounf | $1.7M | Sequoia Capital India |
| Aug 31, 2016 | Series A | $5.3M | Chiratae Ventures |
| Nov 22, 2016 | Non Equity Assistance | $50K | Google Launchpad Accelerator |
| Sep 6, 2018 | Series B | ₹264M | Sequoia Capital India |
| Jan 1, 2019 | Venture Round | – | InnoVen Capital |
Note: I have mentioned lead investors, but there are more than 1 investor for some of them.
Roshni Tamta
Flyrobe – Mergers and Acquisitions
On November 27, 2019, Rent It Bae acquired Flyrobe.
| Date | Acquired by | Amount | Transaction Name |
|---|---|---|---|
| Nov 27, 2019 | Rent It Bae | – | Flyrobe acquired by Rent It Bae |
Flyrobe – Awards and Achievements
In 2015, when the company was just 15 weeks old, they finalized 100 clients in a single day. 20 Bollywood celebs, including Huma Qureshi, Parineeti Chopra, and Sunny Leone, have supported Flyrobe on social media sites.
Flyrobe – Competitors
Oh Look
Oh Look is a subscription-based fashion rental platform for males and it was designed by Arshad Azad. The firm has teamed with prominent apparel companies such as Zara, Louis Philippe, Allen Solly, and others to create a vast wardrobe assortment.
The Clothing Rental
The Clothing Rental, a Mumbai-based firm that began in 2005, happens to be a secret destination among the glamour industry’s elite. It allows you to hire their exclusive brands from their New York procurement office in addition to acquiring outfits from the most essential brands. It has two outlets in addition to its online presence (in Bandra & Versova).
Wrapd
Wrapd began in 2009 as Rent A Party Dress, a Delhi-based startup. It’s also one of the few online services with a physical outlet. You just have to go look at the attire, whether it be in person or online. After that, you can inform them of your size for the outfit you’ve selected (if it needs to be modified).
Book the outfit by paying a rental fee and a security deposit that’s up to 3 times the rent, and return it the day after the occasion. Pay the rental fee and a down payment of up to three times the rent to book the attire, then return it the day following the event.
Klozee
This business, which is now present in Bangalore, provides quality clothing rentals without any down payment. Klozee Express guarantees that the outfit will arrive in less than 3 hours of your order. Perhaps it allows customers to pay retail price for an outfit especially if you love it.
Liberent
With a three-day rental duration, you can hire an outfit from LibeRent without paying any extra down payment. It makes modifications based on the measurements provided. The best part is, for an extra Rs.350, they permit a trial before the actual rental day.
SwishList
SwishList allows you to hire outfits by browsing their online fashion collection and booking an outfit for the day of your ceremony. The outfit will arrive two days before the event. The following day, you can return the outfit. A down payment of 50% or more of the rental amount is required.
PV Vyshnavi
Flyrobe – Future Plans
- They plan to expand their online services to Dubai, London, and the United States. In the next few years, there will be 15 more outlets.
- The partnership between the current CEO, Aanchal Saini, and the former CEO, Rent It Bae, led to improved efficiency.
- Flyrobe will launch its unique virtual trial room.
- In the future, they will collaborate with more major companies to build trust.
Other businesses:
Flyrobe primarily sells apparel, but it has recently begun renting out jewelry, handbags, and other accessories. Its wedding attire collection is one of the finest.
Value of product:
Every month, the retail value exceeds $1 million, with approximately 5000 products. It is one of the top product rental sites, as per reviews, and it is filled with a new ideas.
Here’s a short video for you guys on Founders describing their brand:
Final thoughts
Flyrobe is India’s first and fastest-growing e-commerce and in-store rental portal for premium and designer outfits for men and women. The online clothing rental market is already booming. Flyrobe provides free pick-up, shipment, and reservations for handcrafted ethnic, modern, as well as men’s clothing.
Flyrobe is now the main avenue, much above its rivals, with several Bollywood celebrities endorsing it. Customers are seeking alternatives to purchasing their favorite brands without spending a fortune as we increasingly become a westernized and ambitious community with the mantra of “Use and discard.”
It is fashion that never goes out of style. The world is your runway and every day is a fashion show.
FAQ
What is the revenue of Flyrobe?
The estimated annual revenue of Flyrobe is $2 million.
When was Flyrobe founded?
Flyrobe was founded in 2015 by Shreya Mishra, Tushar Saxena and Pranay Surana.
Who founded Flyrobe?
Flyrobe was founded by Shreya Mishra, Tushar Saxena and Pranay Surana.
