Online fashion brand FabAlley has raised $2 million in a Series A round of funding from India Quotient, existing investor Indian Angel Network (IAN), angel investors Tushar Singh and Ranjan Sharma, and FAO Ventures. FabAlley had raised the seed round from IAN in 2013.
FabAlley intends to expand to more cities in the coming year. They’re on to his a 100 crore in GMV in 2017–18 and will continue to focus on building a profitable and sustainable business in the long term. FabAlley’s average order size is Rs 1600, and they get 1,700–1,800 orders a day (more than 50,000 in a month).
FabAlley was founded in 2012 by Tanvi Malik and Shivani Poddar, who quit their high-paying jobs in Titan Industries, Unilever, and Avendus Capital to follow their dream of entrepreneurship. They were hoping to fill the gap in fashion which was not available in India at affordable prices at that time. Four years down the line, their growth trajectory has led FabAlley to a profitable H1 2016–17. FabAlley claims to have recorded 100 percent annual growth since inception.
Besides marketing, brand building, strategic tie-ups, and endorsements, it’s said that they are planning to enter other large format chains along with starting their 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 3,000 SKUs and has recently launched sub-brands —Curve (fashionable clothing for plus-size women) and Indya (Indo-Western fusion collection) at affordable prices. In the near future, they will add other categories such as fitness wear, swimwear, and lingerie to our portfolio.
