House of Masaba raises Rs 7 crore in round led by Binny Bansal
House of Masaba, a fashion label by designer Masaba Gupta, has raised $1 million (Rs 7 crore) in its first round of funding led by Flipkart co-founder Binny Bansal.
Purple Style Labs, Apoorva Patni of Patni Group, and Apurva Salarpuria of Salarpuria group were the other key investors in the round.
The brand will be using the funds to scale up its infrastructure, distribution network and hiring.
Commenting on the fundraiser Masaba Gupta, founder of House of Masaba in a statement said: “After being in the business of fashion for 10 years, it was the right time to bring onboard 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."
On the investment, Binny Bansal added, “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."
The brand has been rapidly expanding its retail presence across the country and plans to open over 50 more stores across India. It currently operates 11 stores across Mumbai, Delhi, Hyderabad, Chennai, Kolkata, Indore, Pune and Bengaluru.
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