India – House of Masaba gets $1mil funding led by Flipkart’s Binny Bansal

masabaYoung fashion designer Masaba Gupta, who has made a name for herself with her bold style, has raised $1 million funding for her decade old label House of Masaba. Leading the funding was the Indian billionaire Binny Bansal, co-founder of Flipkart. The other participating investors are Purple Style Labs, Apoora Patni from the Patni Group, Apurva Salarpuria who has also invested in brands like Epigamia and Bira. Ashika Capital were the facilitators of the funding.

The House of Masaba currently has 11 stores in India in key metros, Mumbai, Delhi, Hyderabad, Chennai, Kolkata, Indore, Pune and Bengaluru, besides a presence in Dubai, UK and USA.

masaba-storeMasaba Gupta reportedly said, “After being in the fashion business for 10 years, it was the right time to bring on board institutional investors. 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.”

Binny Bansal said, “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.”

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