New Delhi, Oct 29 (PTI) Stage 3, a platform for rentingand buying designer outfits at a discounted price, is lookingto raise USD 2.5 million in a fresh round of funding as itramps up operations and opens offline stores.
The company, founded by Sabena Puri, Sanchit Baweja anddesigner Rina Dhaka in March 2016, has plans to open 15 storesin the next 2-3 years in metro cities.
"We are on the verge of closing another round of fundingin the next 2-3 months. We are looking at raising USD 2.5million. We will use these funds for building our brand andoffline expansion," Puri told PTI.
In the previous round, Stage 3 had raised an undisclosedamount of seed funding from investors, including Nisha Kumar,the ex-CFO of Rent the Runway and AOL/Time Warner Inc, PuneetDalmia, MD of Dalmia Cement (in his personal capacity), andBalaji Prabhakar, professor of computer science at StanfordUniversity and Chief Scientist at Urban Engines.
The company, which operates one store in Delhi, is alsolooking to rapidly expand its inventory to 2,000 pieces ofclothing by next year from about 500, co-founder Baweja said.
The company rents and sells new sample pieces andgently-used outfits from well-known designers such as ManishMalhotra, Sabyasachi Mukherjee, Ridhima Bhasin and RidhiMehra. PTI SVK ARDSBT.
This is unedited, unformatted feed from the Press Trust of India wire.
