High Street Essentials raises Rs25.5 crore in fresh funding

The latest infusion of capital comes less than a year after the company raised Rs20.7 crore in June 2020.Premium
The latest infusion of capital comes less than a year after the company raised Rs20.7 crore in June 2020.
 2 min read . Updated: 19 May 2021, 09:15 PM IST Staff Writer

High Street Essentials (HSE), the parent company behind women’s fashion brands, FabAlley and Indya, has raised ₹25.5 crore as a part of its latest round of funding led by existing investors Elevation Capital, India Quotient, Dominor Holding along with other family offices.

The latest infusion of capital comes less than a year after the company raised ₹20.7 crore in June 2020.

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According to the company, it will use the fresh capital to expand its footprint both domestically and internationally, while expanding its presence with global e-commerce platforms.

Post the fund infusion, HSE is also planning to make its supply chain agile by in-housing key production processes such as printing and embroidering and reducing production time to 30 days.

The nine-year-old fashion retailer has two brands including FabAlley and Indya, which provide western apparel and accessories as well as modern Indian wear to customers.

“We value the continued support of our investors and customers, who have been crucial to our continued success. Over the course of the past year, we have worked extremely hard and adopted strict cost-cutting measures, while leveraging our nimble supply chain, improving customer experience, and expanding into low capital-intensive channels," said Shivani Poddar, co-founder, HSE.

During the first wave of 2020, the company also ventured into new categories to include fashion masks and loungewear. Earlier this year, the fashion house forayed into the personal care segment with its in-house brand, Indya Skin Care. and launched a new Indian daywear brand called Earthen by Indya.

Over the course of the pandemic-struck year, HSE also claims to have heavily strengthened its digital presence with new initiatives such as a subscription-based shopping experience, and catalogue curation with AI-based recommendations for customers.

The company also claims that it grew its global footprint by partnering with international marketplaces such as Namshi, Amazon US, and Zalora.

For HSE, over 50% of its total revenues comes from online sales, it said.

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