Delhi-based High Street Essentials Pvt. Ltd., which is the parent company of womenswear brands FabAlley and Indya, has raised Rs. 20.75 crore in a Pre-Series C round of funding.
The latest round led by its existing investors, SAIF Partners and India Quotient, is a convertible note which will be converted during the Series C raise.
This came just a few months after it raised a sum of Rs. 8 crore in venture debt from Trifecta Capital in January 2020. The new round also saw participation from Abhishek Dalmia and several high repute family offices.
The capital raised will be utilised for expanding the brands’ D2C footprint and also in new initiatives like subscription-based shopping experience and also catalogue curation with AI-based recommendation.
HSE has also ventured into new categories that are relevant for the current situation, including fashion masks, loungewear and formal keyboard-up dressing options.
Indya has seen massive online growth internationally during the last financial year and the firm is planning on harnessing this further by adding localised offers, currencies and payment methods.
Shivani Poddar and Tanvi Malik, Co-founders, HSE, said “We value the continued support of our investors and customers, who have been crucial to our success. In the midst of this unprecedented global crisis, we are working hard to ensure that we leverage all our assets such as our nimble supply chain, data-led designing and sharp focus on customer experience so that HSE emerges as a leading fashion retail company in the industry.”
Mukul Arora, Partner, SAIF Partners, said, “FY20 was a great year for HSE where we saw strong growth in both FabAlley and Indya while remaining profitable. It has also been inspiring to see the way Shivani and Tanvi have navigated through the challenges caused by the pandemic. Post reopening in June, we are already seeing healthy recovery across channels.”
HSE has scaled up its retail footprint with 13 new Indya stores and 5 FabAlley stores, and has expanded both brands to over 400 shop-in-shops across the country during FY20.
HSE reported net revenue of Rs. 90.2 crore in FY19, with an EBITDA of Rs. 3.3 crore and a PAT of Rs. 1.3 crore.
