High Street Essentials, which owns and operates the fashion brands Indya and FabAlley, has raised Rs 50 crore in its most recent investment round through a combination of stock and loan infusion.
Sangita Jindal, Chairperson of JSW Foundation, led the round, which also included participation from SRF Group’s family offices, Cyient’s MD Krishna Bodanapu, and Pure Home + Living’s CEO Timothy Sarna.
“The new funding will help expand our footprint in the Indian and worldwide markets,” High Street Essentials said in a press release.
Founded in 2012, High Street Essentials is a direct-to-consumer omni-channel fashion company that retails affordable western and ethnic-fusion clothes.
High Street Essentials, which has Elevation Capital, India Quotient, and Dominor Investment Holding as sponsors said it has raised more than $18 million in funding to date.
The new investment is expected to help the fashion company boost prospects of its luxury event-wear line ‘Weddings By Indya’ while also helping it improve its position in occasion and wedding wear.
“We see an enormous opportunity to build a strong presence for Wedding By Indya, since a large portion of wedding wear is still unorganised,” Co-founders Shivani Poddar and Anurag Murali said.
The company further added that it has collaborated with fashion designers like Rohit Gandhi, Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi, among others.
The company sells its fashion products through 12 EBO’s that are located in New Delhi, Bengaluru, Chennai, Bhubaneshwar, Indore, and Ahmedabad, own website and ecommerce marketplaces.
