Women only online fashion brand, FabAlley.com, has raised seed funding from Indian Angel Network (IAN). The funding was led by IAN investor members Mohit Goyal and Tushar Singh, and as a part of investment Tushar Singh will be joining the boards of FabAlley.
FabAlley was launched in June 2012 by Shivani Poddar and Tanvi Malik, and offers design differentiated and fashion forward clothing and accessories for the woman.
The portal also offers features such as shop by trends, by budget and by occasion and it also has a customised, subscription based feature called Jewelbox.
The website also has a fashion blog which helps to increase style awareness by providing fashion bytes, trend reports, style tips and street style beats, along with an interactive fashion quiz which allows consumers to determine their unique style personality and browse the site accordingly.
The company plans to delegate the investment to increase its manufacturing & merchandising strength by adding new categories in both apparel & accessories and increasing depth in existing categories.
Further, it also plans to use the investment to improve its technology, supply chain capabilities, warehousing and marketing. It will also be rebranding and relaunching its fashion blog with more features.
Tushar Singh, an IAN investor member, said that they are delighted to help FabAlley scale up. “It’s a rare team to have the kind of depth of design, manufacturing, merchandising and customer acquisition that we saw in the Faballey team. And leveraging eCommerce will help them scale up even faster”, said Mohit Goyal, an investor member.
Indian Angel Network has over 250 members and has funded close to 60 startups across multiple sectors including IT, Mobile, etc. across India and overseas and has made several successful exits.
In 2012, IAN had invested in 17 companies totaling USD 11 Mn. IAN has incubated 40+ ventures many of which have either become revenue earning or raised seed funding within 6 to 9 months of incubation.
Recently IAN had also become the first angel network to have an international chapter after it announced plans to add a UK Chapter. It had also launched a cross-border business plan competition called as Startup Dosti to connect entrepreneurs from India and Pakistan.
Fashion brands haven’t shown a good performance in the Indian eCommerce segment, with so many players already dealing in the same space including Myntra, Jabong etc. it becomes necessary for these brands to show their point of differentiation if they have to survive in a longer run as the market is not competitive but the consumers are also exhausted looking at the same stuff all across all eCommerce stores.
So survival = USP + Scale + Consumer ROI
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