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TMCNet:  The Saree Room Closes Successful SAFE Round at $5M Valuation to Accelerate its Burgeoning Growth

[May 10, 2022]

The Saree Room Closes Successful SAFE Round at $5M Valuation to Accelerate its Burgeoning Growth

The SAFE Round Consisted of Strategic Investors to Set The Path Forward to Series A

TORONTO, May 10, 2022 /CNW/ - The Saree Room ("TSR"), a leading South Asian ecommerce fashion brand, announced today it has closed its SAFE Round at a valuation of $5 million.

The Toronto-based company saw its revenues increase by 3X the last fiscal year and projects 3X more growth this year.

The high growth came even as the world shut down from the pandemic for events, which was typically a driving factor for TSR buyers. On the plus side for ecommerce, the pandemic helped normalize online buying, especially needed in the South Asian fashion industry that is still laden with an archaic and unsatisfying customer journey.

TSR replaces customers having to go shop to shop with slick ecommerce and also app-based experiences. Shipping only takes 1-3 days in Canada whereas competitors dropship over 4-8 weeks.

"It's because none of our competitors actually own their inventory," says Adam Meghji, CEOof The Saree Room. "We actually have inventory on hand at our Toronto warehouse which allows us to fulfill within 24hrs. Customer experience is extremely important to us."

TSR is averaging 95% five-star customer reviews with over 10,000+ orders since inception. The tech-savvy company credits their proprietary internal systems for their high customer satisfaction scores and for ensuring quality control as well as on time fulfillment. 

"Beautiful modern designs by our Chief Creative Officer, Sofi Kassam, are the backbone of our business. We combine that with an extremely fast supply chain that allows us to drop new collections every single month. And then we implement the latest in digital marketing, web optimization, and social media content creation, to put together the secret sauce to our online success."

The momentum is continuing for TSR with its robust sales pace to lofty revenue projections solidifying itself as a market leader in South Asian wedding attire. Series A fundraising is to commence in June 2022 with a heavy focus on investment in tech as well as expanding an in-person experience.

About The Saree Room

Founded in 2015 by life partners Adam Meghji and Sofi Kassam, the duo bootstrapped the business until 2022. The Saree Room is currently North America's fastest growing ecommerce South Asian fashion brand passionate about providing modern yet affordable products. TSR is focused on speed, quality, and customer service, in an industry still laden with archaic experiences and delays. Staff in the company of all roles are empowered to think customer-first and ensure a modern and enjoyable customer journey. The tech-enabled company is setting the new industry standard with its omnichannel vertical retail model and seamless shopping experience.

SOURCE The Saree Room Inc.

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