High Street Essentials, the parent company behind women’s fashion labels Indya and FabAlley, has secured INR 50 Cr ($6 Mn) through a combination of equity and debt infusion in its latest funding round.
JSW Foundation chairperson Sangita Jindal spearheaded the round, with contributions from family offices of SRF Group, Cyient’s executive vice chairman and MD Krishna Bodanapu, and Pure Home + Living’s MD and CEO Timmy Sarna.
The infusion of fresh capital will support Indya in extending its footprint both within India and in global markets.
Established in 2012, High Street Essentials is a direct-to-consumer omnichannel fashion house specializing in women’s apparel. The company offers affordable western and ethnic-fusion wear under the FabAlley and Indya brands.
High Street Essentials, backed by investors such as Elevation Capital, India Quotient, and Dominor Investment Holding, asserts to have accumulated over $18 Mn in funding thus far.
Focus on ‘Weddings By Indya’
The infusion of funds is expected to propel the brand’s premium occasion-wear line, ‘Weddings By Indya,’ while simultaneously enhancing its presence in the occasion and wedding wear market.
Shivani Poddar and Anurag Murali, cofounders of High Street Essentials, expressed their vision, stating, “We perceive a significant opportunity to establish a formidable presence for Weddings By Indya within the $15 Bn wedding wear market, much of which remains unorganized.”
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Indya asserts its collaboration with esteemed Indian designers, including Rohit Gandhi, Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi, among others, to serve India’s thriving wedding wear market.
At present, Indya distributes its products through its website, online marketplaces, and 12 exclusive brand outlets situated in cities like New Delhi, Bengaluru, Chennai, Bhubaneshwar, Indore, and Ahmedabad.
Financial Performance and Targets
High Street Essentials asserts achieving EBITDA profitability in FY24, with a growth rate exceeding 30% year-over-year. The company targets achieving profit after tax (PAT) positivity and is aiming for a 50% year-over-year growth in FY25.
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