Designer wear renting platform, Stage3 has secured unspecified amount in angel round of funding from a group of investors. The investors, who have participated in this round of funding, are Nisha Sharma, Puneet Dalmia of Dalmia Bharat Group and Balaji Prabhaka, a professor at Stanford University.
Stage3 is a New Delhi based startup, which was started by Sabena Puri, designer Rina Dhaka and Sanchit Baweja. The startup allows women to rent their designer dresses for various events including wedding at the price between 1,000 and 10,000 per day. Customers can keep the dress for maximum of eight days.
Stage3 has sold 16 per cent of its stake to the investors. The company is also planning to explore the pre-owned designer wear space after reaching a certain scale. Currently, the startup faces competition from FlyRobe, LibeRent, Zapyle, Envoged and Klozee. Recently, Klozee had also raised seed round of funding from TracxnLabs in August this year. Bangalore based startup, Zapyle had raised $1 Million in seed round of funding, whereas Mumbai based startup, Envoged had raised an unspecified sum recently.
The co-founder and CEO of Stage3, Sabena Puri said about the development, “Our members can play dress up with curated, authentic outfits from top designers that have been paired with accessories by our in-house styling team. Our mission is to make higher end outfits accessible to our members and leverage technology to help them choose what would look best on them for different occasions on their social calendar.”