House of Masaba, a bridge-to-luxury fashion label founded by designer Masaba Gupta, has secured $1 million in the first round of funding led by Binny Bansal, Co-Founder of Flipkart.
The fashion house will use the fresh capital to scale infrastructure, distribution network and hiring.
The round has also seen participation from Purple Style Labs, Apoorva Patni of Patni Group, and Apurva Salarpuria of Salarpuria group.
Masaba, Creative Director and Founder, House of Masaba, said, “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.”
Binny Bansal stated, “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.”
Currently, the brand is operating 11 stores across Mumbai, Delhi, Hyderabad, Chennai, Kolkata, Indore, Pune and Bengaluru. It is further planning to launch stores in Ahmedabad, Chandigarh and Lucknow by the year-end.