Fabriclore, a tech-enabled fabric sourcing platform for fashion businesses, has raised $1.6 million in funding, led by PeerCapital and Regal Fabrics.
Fabriclore intends to use this capital to increase its market share in important regions like the USA, Europe, the Middle East, and India.
Fabriclore, a tech-enabled fabric sourcing platform for fashion businesses, has raised $1.6 million in funding, led by PeerCapital and Regal Fabrics.
Fabriclore intends to use this capital to increase its market share in important regions like the USA, Europe, the Middle East, and India. The organisation intends to allocate resources towards technology in order to optimize its workflow, augment client satisfaction, and expand its presence in global marketplaces.
Raju Shroff, Managing Director of 72-year-old conglomerate Regal Group based in the UAE, said, "Unlike China, the lack of organized textile sourcing and processing has limited the exposure of Indian textiles to global markets. With our 70 years of know-how in the in the fabric space in the Middle East and Europe, we saw tremendous potential in Fabriclore to take its expertise to several international markets.”
Vijay Sharma, CEO of Fabriclore, said, “Our key differentiator is streamlining complex multi-stage fabric processing that includes dyeing, screen printing, digital printing, and block printing techniques. By implementing tech-enabled processes, the company has substantially reduced delays by 20 percent and customer rejections by 33 percent, setting a new benchmark in the industry. On the other end, 50 to 60 percent of the product development cost of a fashion brand is attributed to fabric sourcing alone across multiple different vendors for each garment collection that they develop.”
Between 2016 and 2022, Fabriclore developed India's largest modern retail brand, featuring a catalogue of 10,000 SKUs from over 550 suppliers nationwide, as per a company statement.
The company claims to ensure traceability and authenticity through direct partnerships with leading mills and yarn suppliers. As per a company statement, Fabriclore is poised to triple its MRR within 1 year and supply 50 lakh meters of fabric annually to fashion brands globally.