The funding round was led by PeerCapital, based in Bengaluru, and Regal Fabrics, based in the United Arab Emirates
New Delhi: Jaipur-based tech-enabled fabric sourcing platform for fashion business Fabriclore has raised $1.6 million (Rs 13.37 cr) in funding led by PeerCapital, based in Bengaluru, and Regal Fabrics, based in the United Arab Emirates, a release by the company said on Tuesday.
“By implementing tech-enabled processes, the company has substantially reduced delays by 20% and customer rejections by 33%, setting a new benchmark in the industry. On the other end 50 to 60% of the product development cost of a fashion brand is attributed to fabric sourcing alone across multiple different vendors for each garment collection that they develop. Therefore, we are building add-on software tools for fashion brands to make fabric discovery, sourcing, production and design management much easier”, Vijay Sharma, chief executive officer (CEO), Fabriclore.
With this funding, Fabriclore plans to expand its presence in key markets, including India, the Middle East, Europe, and the USA. The company will invest in technology to further streamline its operations, enhance customer experience, and scale in international markets, the release added.
Fabriclore has established alliances with leading fabric mills across India, curating the widest portfolio of Cotton, Viscose, Sustainable, and Polyester fabrics. The company ensures traceability and authenticity through direct partnerships with leading mills and yarn suppliers.
Founded in 2016 by a trio of seasoned entrepreneurs, Vijay Sharma, Sandeep Sharma, and Anupam Arya, Fabriclore has a catalogue of 10,000 stock-keeping units (SKUs) developed by over 550 suppliers across India. Within 12 months of its B2B pivot, it has onboarded 200+ private labels primarily from India and the Middle East. The company operates a 10,000-square-foot warehouse with an in-house quality inspection unit and has also forged partnerships with internationally accredited testing labs to provide certificates for specific tests required by clients.
