New Delhi: High Street Essentials Pvt. Ltd, which runs online fashion brand FabAlley, has raised $2 million in Series A round of funding from India Quotient, FAO Ventures, Indian Angel Network, Tushar Singh and Ranjan Sharma, the company said in a statement on Thursday.
Founded in 2012, by Tanvi Malik and Shivani Poddar, FabAlley is an online fashion brand selling over 3,000 products across categories such as apparel, footwear, accessories for women. This year the company launched two sub brands and also partnered with Future Group’s Central malls to expand into offline markets. “We currently have 25 stores live with Central and another 45 in the pipeline. We also plan to enter other large format chains along with starting our own exclusive brand outlets in the next 18 months,” said Malik in a statement.
The company will use the funds for offline expansions, increasing product categories and marketing. Also, in the next one year FabAlley plans to introduce more categories such as fitness wear, swimwear and lingerie.
“For the coming year, we will focus on an effective execution strategy to expand FabAlley’s geographical footprint . We are on track to hit Rs.100 crore in GMV (gross merchandise value) in 2017-18 and will continue to focus on building a profitable and sustainable business in the long term,” Poddar said in a statement.
“The company clocks an online order of an average ticket size of Rs.1,600,” said Malik, with 40-45% of them from monthly repeat customers. The company doubles its sales year-on-year and has been profitable since last three months, Malik said in an interview. However, she declined to share the company’s order number, but mentioned that by March 2017, she expects 25-30% of the total revenue from its offline presence.
Faballey also sells via five marketplaces including Jabong and Myntra.
Previously, the company had raised an undisclosed amount in seed funding from Indian Angel Network in 2013.