Online fashion brand FabAlley has raised its Series A round of funding of USD 2 million from India Quotient, angel investors namely, Tushar Singh, Ranjan Sharma, FAO Ventures along with the Indian Angel Network (IAN). This is FabAlley's second round of funding, having raised their seed round from IAN in late 2013.
“Indian fashion e-commerce has a lot of curators and aggregators but very few Indian brands. FabAlley is already a leading brand and we believe that with this investment they would be able to scale up rapidly. The founding team has executed with sharp focus on the right metrics and has shown great promise of building a premium online brand for women,” said Madhukar Sinha, Partner, India Quotient.
The company is growing year on year at 100 per cent. This growth trajectory has led FabAlley to a profitable H1 2016-17.
Elaborating on the funding, Shivani Poddar, Co-founder, FabAlley, said, “For the coming year, we will focus on an effective execution strategy to expand FabAlley’s geographical footprint and capitalise on the large opportunities in the online space ahead of us. We are on track to hit Rs 100 crore in GMV in 2017-18 and will continue to focus on building a profitable and sustainable business in the long term.”
In July 2016, FabAlley ventured into the offline segment through a tie-up with Central chain - a multi-brand store operated by the Future Group. Currently, they have outlets in Gurgaon, Noida, Mumbai, Hyderabad, Patna and Ahmedabad.
Tanvi Malik, Co-founder, FabAlley, said, “With this round of funding we will be working on three focus areas; First being offline expansion, we currently have 25 stores live with Central and another 45 in the pipeline. We also plan to enter other large format chains along with starting our own exclusive brand outlets in the next 18 months. The second focus area will be product expansion and growing our two sub brands. Currently, FabAlley has over 3000 SKUs and has recently launched sub brands- Curve (fashionable clothing for plus size women) and Indya (an Indo-western fusion collection) at affordable prices. In the near future, we will add other categories such as fitness wear, swimwear and lingerie to our portfolio. Finally, we will be ramping up marketing and brand building initiatives, focusing on strategic tie-ups and endorsements to reach out to a larger customer base in India.”