Saturday 24, Oct 2020, Delhi (India)
Binny Bansal, Co-Founder of the e-commerce platform Flipkart, invests an amount of $1 million in Masaba Gupta's fashion brand House of Masaba.
Masaba Gupta is a renowned Indian fashion designer, who also recently got the license to collaborate with Game of Thrones and launch the clothing theme. The 30-year old designer is also known for presenting her clothing line in the film fraternity.
The brand has been known for 10-years now and it is for the first time that the label has received any external funding.
As per sources, the fund invested by Binny Bansal in the luxury label will be used to build up infrastructure and hire more professionals for better results.
Apoorva Patni of Patni Group and Apurva Salarpuria of Salarpuria Group also invested in the round for funding the designer
The ongoing trends say that the brand is planning on opening approximately fifty more stores across the country which will focus on the resort, swimwear, and affordable occasion wear.
The target audience will be between the age group of 18-30 years.
As per sources, brands like Titan, Puma, Fiama Di Wills, Amrapali, Oppo, etc have linked up with the fashion label for further collaborations.
At present, the fashion label has 11 stores across Mumbai, Delhi, Hyderabad, Chennai, Kolkata, Bengaluru, Indore and Pune. Wherein, the brand also has a retail store in Dubai, the United Kingdom, and the United States.
According to sources, on this funding by the e-commerce billionaire, Masaba Gupta stated, “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."
With Masaba on the list of Forbes India's 30 under 30 lists, the leading designer is breaking the glass ceiling with her impeccable work. Her influence and experience with the film fraternity are also attracting investors, creating a wider space for the brand to grow.
Her style of fashion enticing the generations is also a plus point for House of Masaba’s scope in the near future.