Noida-based online fashion store FabAlley has raised $2 million in its Series A round of funding led by India Quotient with participation from its existing investors - Indian Angel Network and social entrepreneur Ranjan Sharma. The company aims to utilize the newly raised funding to expand its offline reach and scale up its product offerings. It will also be used for marketing and brand management.
Online-to-offline fashion platform, FabAlley was founded in 2012 by Shivani Poddar and Tanvi Malik. FabAlley which currently retails via Central, Future Group’s fashion chain, has about 25 live stores with Central and 45 more in the pipeline. "We will be wrapping up (expansion of our Central stores) by Jan 2017," Tanvi Malik, cofounder of FabAlley said, reported ET.
"We will be expanding to categories such as lingerie and fitness wear. We will also expand our accessories portfolio to include bags, shoes, fashion jewellery as well as grow our 2 sub brands — Curve & Indya," added Malik.
Speaking about the investment, Madhukar Sinha, partner at India Quotient said, "Eventually, to reach scale you have to be present everywhere; on your own website, marketplaces and offline stores. We believe that it will be much more capital-efficient than some of the pure offline stores or brands."
Other startups which operates in the fashion retail segment are StalkBuyLove, Findow, Voonik, Fynd, Purplle and Roposo among others. Earlier last month, StalkBuyLove raised an undisclosed amount of funding from William Bissell, Managing Director of ethnic retailer Fabindia and in the same month Findow also received an undisclosed amount of funding from Raj Singh Bhandal, Director, Next Media Works.
Online-to-offline fashion platform, FabAlley was founded in 2012 by Shivani Poddar and Tanvi Malik. FabAlley which currently retails via Central, Future Group’s fashion chain, has about 25 live stores with Central and 45 more in the pipeline. "We will be wrapping up (expansion of our Central stores) by Jan 2017," Tanvi Malik, cofounder of FabAlley said, reported ET.
"We will be expanding to categories such as lingerie and fitness wear. We will also expand our accessories portfolio to include bags, shoes, fashion jewellery as well as grow our 2 sub brands — Curve & Indya," added Malik.
Speaking about the investment, Madhukar Sinha, partner at India Quotient said, "Eventually, to reach scale you have to be present everywhere; on your own website, marketplaces and offline stores. We believe that it will be much more capital-efficient than some of the pure offline stores or brands."
Other startups which operates in the fashion retail segment are StalkBuyLove, Findow, Voonik, Fynd, Purplle and Roposo among others. Earlier last month, StalkBuyLove raised an undisclosed amount of funding from William Bissell, Managing Director of ethnic retailer Fabindia and in the same month Findow also received an undisclosed amount of funding from Raj Singh Bhandal, Director, Next Media Works.
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