Noida-based women-focused fashion apparel brand FabAlley has raised ₹60 crores in series B round of funding from venture capital firm SAIF Partners. Post the investment, Mukul Arora, managing director of SAIF Partners will join the board of directors of the High Street Essentials owned startup.
SAIF Partners has bought the stake from existing investor Indian Angels Network as a part of the transaction. Earlier in October 2016, FabAlley raised ₹13 crores in series A round of funding from Mumbai-based India Quotient and Indian Angels Network. While in February this year, the startup secured another ₹5 crores in a debt round from debt financing firm Trifecta Capital.
FabAlley will use the freshly raised capital to scale up its offline presence to 50 outlets and 200 shops in shops by the end of 2020. The startup currently retails its products through its own website and other e-commerce platforms like Myntra, Amazon and others. Founded by Tanvi Malik and Shivani Poddar in 2012, the startup sells across categories like apparel, footwear and accessories for women.
Earlier in 2016, FabAlley launched two sub-brands and partnered with Future Group’s Central Mall to expand its portfolio into offline markets. One of the company’s brands Indya is an ethnic fusion wear focused channel that competes with startups like Biba and Global Desi. FabAlley currently records revenue of ₹80 crores and has turned EBIDTA positive in the last 3 quarters of this financial year.