Company: Fashionara Enterprises Pvt Ltd
Area of Operation: Fashion e-commerce
Founded: April 2012
Founders: Arun Sirdeshmukh and Darpan Munjal
Funding: Raised seed funding in February 2016
Investors: Lightspeed Venture Partners, Helion Venture Partners
Business Model: Fashionara initially focused upon categories such as apparel, footwear and accessories. In early 2014, it introduced F.Lea Bazaar, where it enabled selected sellers from the flea markets across the country to retail their products on its portal. Later that year, the company tweaked its business model from being a pure-play fashion portal to an online marketplace for fashion products. In 2015, the startup had also entered the home-furnishing market.
The company, in its 2014-15 financial statement, credited the surge in sales to the flash sales format it had adopted. It also spoke about a necessary pivot in favour of e-commerce in luxury fashion products. “The e-fashion segment is a challenging environment given that six large horizontal marketplace players and two large fashion verticals are constantly discounting the brands and products we are marketing through our platform. This makes it necessary to constantly review our approach and formal choice,” it added.
The Collapse: It couldn’t be ascertained when exactly the company closed its operations, but the Fashionara website and app are no longer accessible. However, co-founder Darpan Munjal left the company in January this year, according to his LinkedIn profile.