House of Masaba raises $1 million in funding Flipkart's Binny Bansal: Report
This investment is seen as a expansion plan for the fashion label to scale both domestically and internationally.
July 09, 2019 / 06:24 PM IST
Ten-year-old fashion label House of Masaba has raised $1 million in its first external funding led by Flipkart co-founder and former CEO Binny Bansal.
The celebrity fashion brand founder, Masaba, said in a 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."
“I believe the brand has immense scalability, both domestically and internationally. The idea was to partner with entrepreneurs who have successfully scaled businesses in India.” She added.
The company showcased profits after just being in business for six years and revenues showed year-on-year growth in the last three years. Therefore, this is seen as an expansion plan to scale both domestically and internationally.
The funding round was carried by Ashika Capital
and the funds will be used to scale infrastructure, distribution network and hiring, as per reports