Indian Angel Network invests in FabAlley.com
FabAlley.com, an online-only fashion brand exclusively for women, has raised an undisclosed amount of investment in Seed Funding from India’s first and Asia’s largest angel network, Indian Angel Network (IAN). IAN investor members Mohit Goyal and Tushar Singh led this round of investment.
Launched in June 2012 by Shivani Poddar and Tanvi Malik, FabAlley offers design-differentiated and fashion forward clothing and accessories for the trendy woman on-the-go. The USP of the brand is identifying and interpreting global fashion trends for the modern Indian woman into highly affordable apparel, jewellery, accessories, shoes and bags. The portal also offers unique features which simplify and energise the consumer’s shopping experience - such as shop by trends, by budget and by occasion. The latest innovation from the FabAlley stables is a customised, subscription based Jewelbox, the first of its kind in India.
Since FabAlley is a comprehensive fashion destination, its strength vests in its fashion blog which aims at increasing style awareness by providing fashion bytes, trend reports, style tips and street style beats. An interactive fashion quiz which allows consumers to determine their unique style personality and browse the site accordingly, also forms a significant section of the portal.
FabAlley plans to use the investment raised to increase its manufacturing & merchandising strength by adding new categories in both apparel & accessories and increasing depth in existing categories. It also plans to use the investment to improve its technology, supply chain capabilities, warehousing and marketing. Apart from that, FabAlley will rebrand and re-launch its fashion blog in a big way with more interactive features and in-depth fashion coverage.
Tushar Singh, an IAN investor member who will be joining the FabAlley board said, “Change in consumer lifestyle, supported by altered consumer mindset has given a boost to the e-commerce business. Indian consumers have matured over the years and their increased acceptance for making online transactions has thus widened the potential e-commerce owing to acceptance of online shopping as a safe shopping medium. Tanvi and Shivani make an excellent team and we would be delighted to help them scale up FabAlley.”
“It’s a rare team to have the kind of depth of design, manufacturing, merchandising and customer acquisition that we saw in the Faballey team. And leveraging ecommerce will help them scale up even faster”, said Mohit Goyal, an investor member.