Online fashion brand for women, FabAlley has raised its Series A round of funding of $2 million led by India Quotient. Existing investors, including Tushar Singh, Ranjan Sharma, FAO Ventures and Indian Angel Network (IAN), also participated in the round. This is FabAlley’s second round of funding, having raised their seed round from IAN in late 2013.
The funding will be used to expand FabAlley’s geographical footprint and capitalize on the large opportunities in the online space, the company’s Co-founder Shivani Poddar said.
Co-founder Tanvi Malik added that, “With this round of funding we will be working on 3 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 SKU’s 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.”
FabAlley was started in 2012 by Poddar and Malik.