Flipkart Co-Founder Invests $1Million In House Of Masaba
Luxury fashion label House of Masaba has received a funding of $1Million from the Co-Founder of Flipkart, Binny Bansal. It is the first fundraiser by the 10-year-old celebrity fashion brand, founded by Masaba Gupta. Apart from Bansal, big names like Purple Style Labs, Apoorva Patni of Patni Group, and Apurva Salarpuria of Salarpuria group have also invested in the label. Apurva Salarpuria has also invested in brands like Epigamia and Bira, reports The Economic Times.
“Masaba has been able to create a great brand backed by her unique designs. She is one of the youngest designers to do so and I believe she is just getting started on building a great business.” – Binny Bansal.
With these fresh set of funds, the executive team of Masaba plans to scale its infrastructure and distribution network. Founded by celebrity fashion designer Masaba Gupta in 2009, this label has styled Bollywood celebrities like Neha Dhupia, Taapsee Pannu, Radhika Apte, Ananya Panday, Vidya Balan, etc. Today the label has grown to 11 exclusive brand outlets in India in cities like Mumbai, Delhi, Hyderabad, Chennai, Kolkata, Indore, Pune and Bengaluru.
Talking about the investment Bansal said, “Masaba has been able to create a great brand backed by her unique designs. She is one of the youngest designers to do so and I believe she is just getting started on building a great business.”
The label has seen 100% growth in revenues over the last three years and had turned profitable in 2016. In the past, it has also teamed up with top brands like- Titan, Puma, Fiama Di Wills, Amrapali, Oppo, Chandon, etc.
Masaba on Funding
Speaking about the investment Masaba Gupta, Creative Director and Founder, House of Masaba, said in her statement, “After being in the business of fashion for 10 years, it was the right time to bring on board institutional investors. I believe that the brand has immense scalability, both domestically and internationally. The idea was to partner with entrepreneurs who have successfully scaled businesses in the country”. The company has planned to open stores in Ahmedabad, Chandigarh and Lucknow by the end of this year.
“After being in the business of fashion for 10 years, it was the right time to bring on board institutional investors. I believe that the brand has immense scalability, both domestically and internationally.” – Masaba Gupta
“This round would enable us to continue this growth momentum, quadruple our production capacity, strengthen our team, and expand our retail footprint across the country”, said Sagar Chhabra, CEO of House of Masaba.
This talented fashion designer has been a part of Forbes India’s 30 under 30 lists, the Outlook Business power list – Women of Worth & Fortune’s 40 under 40 list. Now, she aims to expand her business domestically as well as internationally.
Divya Tripathi is an intern with SheThePeople.TV