Seedfund-backed Fetise co-founder & CEO Abhishek Shah steps down

Abhishek Shah, cofounder and CEO of Fetise Retail Pvt Ltd, which runs men's fashion apparels e-shop Fetise.com, has left the company, as per his LinkedIn and Twitter handles.

The development comes even as the company is going through a management change, according to Medianama, which first reported the news.

An e-mail query sent to the Fetise management did not elicit any response till the time of posting this article.

According to his LinkedIn profile, Shah is on a sabbatical and is 'in pursuit of building an entity with like-minded folks that is built to last, is scalable and creates value for all stakeholders involved.'

Set up in March 2011 by Shah, along with Somya Tambi, Vivek Shah and Chetan Bafna, Fetise has positioned itself as an online men's designer wear outlet. According to the company, it is a 'by invitation only' club that offers its members clothing, shoes and accessories from international brands. The site sells apparels, shoes and accessories from luxury brands.

Early last year, the company was said to be recording over 500 transactions per day, with a gross merchandise revenue run rate of Rs 2-2.5 crore per month.

In January 2012, Fetise raised $5 million in its first round of funding from Seedfund.

An alumnus of ICFAI Business School (Gurgaon), Shah is a serial e-commerce entrepreneur. Earlier, he had co-founded WanaMo.com, which was later re-launched as DealsAndYou.com and is backed by the Smile Group. Shah has also worked with Tyroo Media Pvt Ltd in the past.

(Edited by Sanghamitra Mandal)