Stage 3, a startup that lets you style & rent customized dresses.
Sabena Puri, daughter of industrialist and Moser Baer India founder Deepak Puri, has set up Stage 3, an omni-channel fashion styling and rental platform. This will allow users to rent outfits from India’s top designers at about a tenth of the purchase price.
New Delhi | Red Newswire | By Varuni Khosla @ET Bureau | Dec 18,2015 01:42 AM IST.
The business is looking to target women between the ages of 21 and 35 looking to rent dresses for any event, even weddings. Puri is a serial entrepreneur who ran Indian restaurant Junoon in California before moving back to India.
While 84% of the company is organically funded, it has sold a 16% stake to a group of investors including Nisha Kumar, former CFO of AOL and Rent the Runway; Puneet Dalmia of the Dalmia Bharat Group in his personal capacity; and Balaji Prabhakar, professor of computer science at Stanford University and chief scientist at Urban Engines.
Puri and her business partners, designer Rina Dhaka and Sanchit Baweja, said the website looks to narrow the gap between the aspiration and purchasing power of ‘twenty-somethings’ in India. Baweja compared the business model to aggregators such as Uber or Airbnb. “Our target customer is the millennial who is migrating from ownership towards sharing and renting. Fashion is a space lacking disruption and we are looking to redefine your wardrobe,” he said.
The rental platform has an eight member in-house team and caters to Delhi but is looking to expand into the other big Indian cities by the first quarter of next year. Puri said the company isn’t looking for external investors but may do so once it expands. The business involves an approximate investment of Rs 2 crore. “There is huge opportunity in the tier-II towns and we are looking to target that in our second phase of expansion. Currently we have about 12 designers on board and will add more,” she told ET.
Stage 3 Website: http://www.stage3.co/