Sangita Jindal, the chairperson of the JSW Foundation, led an equity and debt round of fundraising for High Street Essentials (HSE), the parent company of women’s fashion brands Indya and FabAlley, totalling Rs 50 crore ($6 million). Timmy Sarna of Pure Home + Living, Krishna Bodanapu of Cyient Technologies, and the family offices of SRF Group also participated in the round.
HSE had previously raised Rs 40 crore from Stride Ventures in May 2022.
The company stated in a press release that the proceeds will be utilized to allow Indya to expand its premium occasion wear line, “Weddings By Indya,” through strategic business ventures.
Indya and FabAlley are two of High Street Essentials’ women-focused brands. The company was founded in 2012 by Shivani Poddar and Tanvi Malik. Women’s ethnic apparel and accessories are the specialty of Indya, while FabAlley serves women’s Western clothing and loungewear needs.
In this fiscal year, Indya intends to open ten new wedding stores as part of its nationwide business expansion. Presently, 150 large format retail locations, such as Lifestyle, Shoppers Stop, Centro, and Ethnicity, and 12 exclusive brand stores spread across 8 cities are used to sell Indya products.
With a second location in Malaysia and intentions to open locations in the USA and South Africa in the next 18 months, its global retail footprint is still growing.
With the exception of the current round, High Street has reportedly raised Rs 180 crore ($21.6 million) to date, valued at Rs 700 crore ($84 million).
From Rs 157 crore in FY22 to Rs 185 crore in FY23, High Street Essentials’ operating revenue climbed by 17.8%. The company’s losses for FY23 stayed at Rs 45 crore.
