Clothing
Rental Wear
Season 3 Episode 28
| Brand | Flyrobe |
| Company Name | Omapal Technologies Pvt Ltd |
| Founders | Aanchal Saini |
| Original Ask | 50 lakhs for 1% equity at the valuation of Rs. 50 crores |
| Deal | 60 lakhs for 5% equity at the valuation of Rs. 12 crores |
About the Product
Introducing Flyrobe, where quality check and hygiene are paramount. Their commitment to ensuring the highest standards of cleanliness and product quality guarantees a seamless and satisfying rental experience for every customer. At Flyrobe, they understand the importance of trying before buying. That’s why they offer an in-store trial option, allowing customers to see, feel, and try on outfits before making a decision. This personalized service enhances customer satisfaction and confidence in their selections.
Convenience is key at Flyrobe. They handle shipping both ways, making the rental process hassle-free from start to finish. With easy returns, customers can enjoy peace of mind knowing that returning their rental items is a simple and straightforward process. For added flexibility, Flyrobe offers Cash on Delivery (COD) with partial advance payment options. This convenient payment method ensures that customers have the flexibility to pay as per their preference, enhancing the overall rental experience.
Flyrobe caters to customers across India with their pan-India delivery service. No matter where you are, Flyrobe ensures that your desired outfit is delivered to your doorstep promptly and efficiently. Their extensive collection features various labels and brands of clothing for rent, ensuring that customers have access to a wide range of styles and options. From traditional and indo-western to western, bridal, and festive attire, Flyrobe offers something for every occasion and preference.
Customers can rest assured that all rental items feature authentic brand labels, guaranteeing both quality and style. With Flyrobe, you can confidently dress to impress without breaking the bank, thanks to their affordable and convenient rental services.
Founders & their story
- Aanchal Saini
Flyrobe is India’s pioneering online fashion rental company, revolutionizing the way people access designer wear for various occasions at a nominal cost. The platform offers a wide array of product categories for both men and women. For men, choices include Sherwanis, Indo western attire, Suits, and Tuxedos, while women can choose from Lehengas, Gowns, and Anarkalis. The company’s services are available through its own website as well as physical stores, providing customers with convenient access to premium fashion. Flyrobe boasts exclusive designer labels, ensuring customers have access to the latest trends and high-quality garments.
The company was founded by entrepreneurs who previously established Rent It Bae, subsequently acquiring Flyrobe. In 2020, Flyrobe was acquired through a slump sale for 6 crores. Currently, Flyrobe operates one flagship store and six franchise stores. Flyrobe’s inventory is sourced both in-house and from customers. For example, a garment with an MRP of 4.75 lakhs may be rented out for 50,000 Rs. On average, online rentals cost around 3500 Rs while offline rentals cost around 5500 Rs. In the customer-to-customer (C2C) model, the platform pays out 30% of the rental price to the customer.
In the in-house inventory model, the cost of goods sold (COGS) amounts to 25% of the rental price. Flyrobe’s unique selling proposition (USP) lies in its provision of luxury stock worth 60-70 lakhs to franchise stores free of cost. Customers are required to pay a security deposit of 20-30% of the MRP in addition to the rental price. The platform boasts an annual retention rate of 15-20% in its C2C model, with each clothing unit typically being rented out six times on average before being phased out.
About the company
At FLYROBE, their passion for fashion defines their identity and guides their mission. In essence, they are devoted to adorning customers with the latest styles. Their distinctive online premium rental service delivers fashion directly to doorsteps. They firmly believe that every individual deserves to exude style effortlessly. Whether or not one is a celebrity is inconsequential; anyone can emulate that glamorous look. FLYROBE takes immense pleasure in assisting individuals in revitalizing their wardrobes. Gone are the days of outfit repetition; they ensure a fresh ensemble for every occasion without breaking the bank. Importantly, while both parties know the items are rented, the outside world remains unaware, showcasing their adeptness at discretion.
Their wardrobe boasts a plethora of clothing and accessories from renowned brands, including luxurious labels. For those with a penchant for exclusivity, their in-house brand caters to such fashion fervour. When the need for style strikes and acquiring it proves challenging, FLYROBE is just a click away, ready to fulfil fashion desires promptly. Orders can be placed up to three months in advance, with selections arriving on the chosen day. Customers have the liberty to retain their choices for up to four days before pickup.
Unlimited subscription plans are on the horizon, promising to liberate style from constraints. Life is too short for mundane attire; at FLYROBE, everyday life transforms into a runway. With the flexibility to rent any two dresses and an accessory from their vast collection, customers can endlessly exchange, repeat, and return, amplifying their chic quotient indefinitely. FLYROBE is not just a fashion rental service; it is a unique and premium experience deeply passionate about fashion. They firmly believe that everyone deserves to look and feel their best, deriving great joy from aiding customers in revitalizing their closets and reinventing personal style.
Offering an extensive array of stylish and trendy clothing, they provide customers with the convenience and affordability of renting rather than buying. Moreover, FLYROBE is committed to sustainability, championing the cause by offering fashionable and trendy clothing options without perpetuating the harmful environmental impacts associated with fast fashion. Dedicated to dressing customers up and delivering the latest trends to their doorsteps, FLYROBE aims to be the ultimate fashion partner, offering a fresh perspective on always looking and feeling fabulous.
Revenue
Flyrobe has achieved a remarkable lifetime sales figure of 37 crores. The EBITDA for company-owned stores stands at an impressive 27%. Additionally, the company earns a commission of 15% of the rental price from franchise stores, with the franchise store EBITDA standing at 16%. In the financial year 2023-24, until October, the brand’s sales have reached 2.8 crores, while the company’s direct sales amount to 2.2 crores. The projected company sales for the entire financial year 2023-24 are anticipated to reach 5 crores. In the preceding financial year 2022-23, brand sales amounted to 2.9 crores. A notable achievement is recorded in September 2023, where brand sales surged to 63 lakhs, indicating a positive growth trajectory.
Founders’ Ask
50 lakhs for 1% equity at the valuation of Rs. 50 crores.
Offers
Amit’s offer: 60 lakhs for 5% equity at the valuation of Rs. 12 crores.
Vineeta’s revised conditional offer: 60 lakhs for 5% equity at the valuation of Rs. 12 crores.
Amit’s revised conditional offer: 60 lakhs for 5% equity at the valuation of Rs. 12 crores.
Vineeta and Amit’s conditional offer: 60 lakhs for 5% equity at the valuation of Rs. 12 crores.
Founders’ Counteroffer
Offer 1: 60 lakhs for 3% equity at the valuation of Rs. 20 crores.
Final Deal
Amit and Vineeta: 60 lakhs for 5% equity at the valuation of Rs. 12 crores.