House of Masaba, a bridge-to-luxury fashion label founded by designer Masaba Gupta, has raised US$ 1 million in first round of funding led by Flipkart co-founder Binny Bansal.
Other key investors for the round are Purple Style Labs, Apurva Salarpuria, investor in brands like Bira and Epigamia. Apoorva Patni, from the Patni Group, which was the first group to start IT services in India. Their transaction is facilitated by Ashika capital.
The company plans to use the funds to scale infrastructure & distribution network. House of Masaba is looking at raising a bigger round later this year in order to establish a stronger retail foothold, domestically and internationally.
“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,” says Masaba Gupta, Creative Director & Founder, House of Masaba.
“We have grown bootstrapped from 3 to 11 stores in the last 3 years. This round would enable us to continue this growth momentum, quadruple our production capacity, strengthen our team & expand our retail footprint across the country,” says Sagar Chhabra, CEO, House of Masaba.
“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,” says Binny Bansal.
So far, the brand has 11 EBO stores in India and retail footprint in UK, US and Dubai.
