House of Masaba, the luxury fashion label launched by celebrated designer Masaba Gupta, has raised $1 million (Rs 6.8 crore) in an angel round of funding led by Flipkart co-founder Binny Bansal.
The fashion house will use the funds mainly to scale up infrastructure and hire professionals, The Economic Times reported, citing Gupta.
Other investors who participated in the round include the likes of Apoorva Patni of Patni Group and Apurva Salarpuria of Salarpuria Group.
Gupta, who is the daughter of veteran actor Neena Gupta, had launched the label in July 2009. The fashion house operates 11 stores across Mumbai, Delhi, Hyderabad, Chennai, Kolkata, Indore, Pune and Bengaluru.
The company plans to open more than 50 stores across India focusing on resort, swimwear and affordable occasion wear.
The company targets audience between the age group of 18-30 years, and offers suits, sarees and lehengas in the premium category.
The brand has even collaborated with popular television series Game of Thrones to retail merchandise for the show in India during the premiere of its final season.
Several players in the apparel segment have attracted funding in the recent past.
In May, Mumbai-based private investment firm Alpha Capital invested Rs 80 crore in women’s ethnic and casual wear label Shree.
In March, lifestyle brand Mayfair raised $3.2 million in its seed round of funding from homegrown venture capital firm Nexus Venture Partners and Chinese alternative asset management firm CDH Investments.
Bansal, who left Flipkart late last year, is one of the most active angel investors in India. This year, he has invested in supply-chain tech startup Increff and digital insurance startup Acko.