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India's FabAlley raises Rs 5 cr venture debt from Trifecta
07 Feb '18
2 min read
Online fashion portal FabAlley has raised Rs 5 crore in venture debt from Trifecta Capital to boost its offline growth. The company plans to use the funds to expand into the top metros and affluent tier-I cities across India, according to co-founder Tanvi Malik. It aims to grow from three stores owned by itself now to 25 stores in the next 12 months.
The plan is to grow the Indya brand both offline and online, while the FabAlley brand with its rapid fashion, global fashion strategy grows primarily online through horizontal and vertical category additions in the western wear apparel and accessories space, a report in a top Indian economic daily quoted FabAlley co-founder Shivani Poddar as saying.
“We have a clearly identified use case for debt as we move towards a more aggressive omni-channel growth strategy. Offline expansion is a more capital intensive proposition and funding these capex requirements is best done through debt which is lower cost capital as compared to equity,” said Shivani Poddar, co-founder, FabAlley.
Launched in 2012, the company claimed it is on track to clock Rs 100 crore in gross merchandise value in fiscal 2017-18, a 100 per cent growth over the previous fiscal. In 2016, FabAlley entered the offline market with a tie-up with Future Group’s large format fashion retail chain Central. (DS)
The plan is to grow the Indya brand both offline and online, while the FabAlley brand with its rapid fashion, global fashion strategy grows primarily online through horizontal and vertical category additions in the western wear apparel and accessories space, a report in a top Indian economic daily quoted FabAlley co-founder Shivani Poddar as saying.
“We have a clearly identified use case for debt as we move towards a more aggressive omni-channel growth strategy. Offline expansion is a more capital intensive proposition and funding these capex requirements is best done through debt which is lower cost capital as compared to equity,” said Shivani Poddar, co-founder, FabAlley.
Launched in 2012, the company claimed it is on track to clock Rs 100 crore in gross merchandise value in fiscal 2017-18, a 100 per cent growth over the previous fiscal. In 2016, FabAlley entered the offline market with a tie-up with Future Group’s large format fashion retail chain Central. (DS)
Fibre2Fashion News Desk – India
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