Online fashion brand FabAlley has received an undisclosed amount of investment from Indian Angel Network (IAN) and it will be used to boost its manufacturing and merchandising strengths and Tushar Singh from IAN will join the board of the start-up following the deal.
Launched in 2012 by Shivani Poddar and Tanvi Malik, the website sells women fashion products like clothing, fashion accessories, bags and jewellery. It recently launched a customised, subscription based service called JewelBox that takes you through a small quiz to better understand your taste in fashion and recommends trinkets based on your answers. The website also offers features such as ‘girl on a budget’, ‘beauty flash’, ‘yard sale’ etc on top of the conventional options such as ‘trends’ and ‘new in’.
Apart from FabAlley, Indian Angel Network has invested in several other websites in this domain such as, designer website Nithya, lingerie e-commerce site PrettySecrets, fashion site Lonali (now shut down).
Competition: FabAlley competes with dozens of online fashion retailers such as Myntra, (which recently forayed into designer wear segment by partnering with fashion store Biba) Zovi, Flipkart and others. There was also MiraiStore which shut shop in July 2013 and is now focusing on its private label Felicia, which is expected to be available across online and offline stores in India. The latest entrant is Ant Farm‘s Stylista that has signed up around 30 designers until now. Another player in the fashion market, Koovs.com, is planning to go public in 2014 by listing itself on AIM, a sub-market of the London Stock Exchange.
Timeline of funding, mergers and shutdowns in fashion space in 2013
– May 21: KoolKart, Rock.in & Aporv Shut Shop