Textile manufacturing startup Fantail has secured INR 13.75 Cr ($1.6 Mn) in a seed funding round co-led by Riverwalk Holdings, Incubate Fund Asia and All in Capital.
The Surat-based startup plans to use the fresh capital to upgrade machinery at its partner weavers, mills and processors. Additionally, the proceeds would be deployed to streamline operations and hire people across design, quality and technology domains.
Founded in 2023 by Ramya Iyer, Fantail is a business-to-business (B2B) textile manufacturer which operates in the MMF space. Partnering with its network of weavers, mills and processors in Surat, Fantail manufactures man-made fabrics such as nylon, viscose and polyester.
With the help of its manufacturing capabilities, the startup caters to the needs of retail fashion brands such as Vishal Megamart, Westside, Shopper Stop and Lifestyle, among others.
Fantails manufacturing units are spread across GIDC Sachin, Udhna, Kim & Palsana in Surat. While the startup’s design and development facility is located in Gurugram, Delhi NCR.
Working in the fragmented MMF sector of India, Fantial brings structure, technology and scalability to the small enterprise weavers and its network of processors.
Fantail competes with the likes of other B2B fashion manufacturers including ZYOD, Fashinza, Groyyo, Zapero, Bijnis and Thimblerr to grab its share in India’s growing apparel and textile space which is poised to become a $387.3 Bn by 2028.
The development comes at a time when other fashion manufacturing startups are also stepping up their game to take an edge over their peers.
Groyyois planning to raise $40 Mn from Tiger Global and other investors at a valuation of about $200 Mn and ZYOD concluded its Series A funding round of $18 Mn last year from Stride Ventures, Stride One and Trifecta Capital, along with existing backers Lightspeed and Alteria Capital.
ZYOD plans to use its fresh funds for technological advancements and talent acquisition while also expanding its operations to 40 countries.
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