Bengaluru: Fashion and lifestyle start-up Absolute Brands and Retail on Thursday said it has raised $2.5 million (approximately ₹21 crore) in a seed round of funding. The round was led by Capstone Ventures, while several prominent angel investors also participated in the round.
Founded by Vishnu Prasad, former MD and CEO of fashion and lifestyle retail chains Central and Brand Factory, Absolute Brands is building a network of in-house fashion apparel brands targeting both existing and new customer segments. The start-up’s first apparel brand, Big Hello, offers stylish and high-quality clothes tailored to fit the unique curves and contours of Indian plus-size individuals.
Absolute Brands said it will use the funding to create offline retail presence for Big Hello, develop its cutting-edge technology platform for an enhanced omnichannel customer experience that elevate the way people shop fashion. The company is aiming to open the first set of Big Hello stores over the next three months in Bengaluru, Chennai, and Hyderabad.
Vishnu Prasad, Founder and CEO of Absolute Brands said, “We are thrilled to have the backing of Capstone Ventures and other investors at such an early stage of building Absolute Brands, and puts us on a solid footing as we work towards executing our vision of launching multiple sharply focused apparel brands that address unmet needs of Indian customers, open up new segments and reset the status-quo in the fashion industry.”
Vishnu is a fashion retail industry veteran with over three decades of experience in brand building, retail networks and modern retail. He has successfully launched multiple fashion brands from scratch, including John Miller, Indigo Nation, and Giovani among others, and has grown fashion businesses to annual turnover exceeding ₹6,000 crore.
Umesh Sangurmath, Founder of Capstone Ventures said, “While the Indian fashion apparel market in India is already US$100 billion-plus and growing, it offers tremendous potential for disruptive startups that can crack the code in developing new highly targeted brands for different segments, and back them up with a flawless marketing and distribution strategy enabled by cutting-edge technology. Senior industry professionals like Vishnu have the ideal credentials and capabilities as entrepreneurs to disrupt this market, and he has assembled an outstanding team with domain expertise across lifestyle, retail, FMCG, real estate, and technology sectors. We are therefore delighted to partner with him and are excited about the transformative impact that Absolute Brands can make in the Indian fashion industry.”
Absolute Brands has set an ambitious goal to expand its physical presence to 500 retail stores across India in the next three years. The company will also launch three new fashion brands, that address unmet needs, open new segments, and reset the status quo. Leveraging cutting-edge technologies and an omnichannel shopping presence, the company aims to redefine the fashion shopping experience, offering personalized solutions that resonate with specific preferences, values, and needs.
