[Funding alert] High Street Essentials raises Rs 40 Cr from Stride Ventures
High Street Essentials, the parent company of women’s fashion brands Faballey and Indya, said, the funding will be utilised to bring in a new line of clothing and expanding its offline footprint.
Delhi-based fashion house High Street Essentials Pvt. Ltd. (HSE), the parent company of women’s fashion brandsand , has raised Rs 40 crore from Stride Ventures.
The company also announced brand Indya’s foray into the premium occasion wear category, with a new range, Indya Luxe. The Luxe range comprises of ensembles suitable for occasions and festive wear, priced between Rs 6,500 and Rs 18,000, it added.
To be launched over the next four to six months, the new range will be a key product expansion focus area for the company going forward. Indya Luxe will retail through the Indya website, key international marketplaces, and EBOs.
According to the statement by the company, the funding will be utilised for expanding the company’s offline footprint. HSE also plans to double its offline presence by adding 30 more EBOs--a mix of company-owned stores and franchises, and another 100 shop-in-shops in large format stores over the next 12-18 months.
This year will also mark the company’s offline expansion to international markets, with its first physical store in Malaysia.
Started in 2012 by Shivani Poddar and Tanvi Malik, HSE's brands FabAlley and Indya currently retail through their websites and apps, horizontal marketplaces, and large format chains such as Lifestyle, Shoppers Stop, along with 30+ exclusive brand stores across the country.
The company has also expanded its global reach by partnering with international marketplaces such as Namshi, Amazon US, and Zalora.
Speaking about the investment, Shivani Poddar and Tanvi Malik, Co-Founders, HSE, said,
“We value the trust and confidence that Stride Ventures has shown in us and are excited about building the company with their support. The investment has come at the right time as we kick start our next leg of success with key category expansions and scaling our offline and online presence to further solidify our position as a leading women's lifestyle and fashion retail company.”
Apoorva Sharma, Partner, Stride Ventures, added, “We are elated to support High Street Essentials as they bring a wave of change in the women's fashion and apparel industry. HSE through its bold, inclusive, and fashion-forward brands and robust marketing strategies has been very successful in creating a unique market identity. We are pleased to be associated with the company and look forward to envisaging their growth journey as they foray into the premium wear segment with Indya Luxe."
Edited by Megha Reddy