House of Masaba, headed by Creative Director Masaba Gupta, has raised US $ 1 million in its first round of funding in almost 10 years, led by Flipkart Co-founder Binny Bansal.
The funding round, which was facilitated by Ashika Capital, saw investors like Purple Style Labs, Apoorva Patni of Patni Group and Apurva Salarpuria of Salarpuria Group who has invested in several consumer brands including Bira and Epigamia.
Commenting on the transaction, 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.”
Masaba has been a part of Forbes India’s 30 under 30 list, the Outlook Business power list – Women of Worth, Fortune’s 40 under 40, to name a few.
Sagar Chhabra, CEO, House of Masaba, stated that the bootstrapped label had grown from three to 11 stores in the last three years.
The brand currently operates 11 stores across Mumbai, Delhi, Hyderabad, Chennai, Kolkata, Indore, Pune and Bengaluru. It plans to open stores in Ahmedabad, Chandigarh and Lucknow by the year end.
The label has a retail footprint in Dubai, UK and the US. Top brands such as Titan, Puma, Fiama Di Wills, Amrapali, Oppo, Chandon, etc. have teamed up with the fashion house.
