High street fashion brand FabAlley has raised Rs.13 crore in a Series-A round led by Mumbai-based India Quotient. The round also saw participation from existing investors including IAN, social entrepreneur Ranjan Sharma and a clutch of angel investors.
The online-to-offline brand, that claims to have reached profitability by September end, will be using the funds to expand its offline presence, enlarge its product category and spend on marketing and brand building. FabAlley that 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.
“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,” Malik added.
The private label will be opening up more stores through tie-ups with Shoppers Stop, Pantaloons and Lifestyle and will also launch its own exclusive brand outlets over the next 18 months.
“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,” Madhukar Sinha, partner of India Quotient said.
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