High Street Essentials Pvt. Ltd. Raises INR 20.75 Cr in Pre-Series C Funding
By Retail4Growth Team | June 22, 2020
The latest infusion of capital comes shortly after the company raised Rs 8 Cr in venture debt from Trifecta Capital in January 2020.
Delhi-based fashion house, High Street Essentials Pvt. Ltd. (HSE), the parent company behind women’s fashion brands, FabAlley and Indya, has raised INR 20.75 Cr in a Pre-Series C round of funding led by its existing investors, SAIF Partners and India Quotient. The latest infusion of capital comes shortly after the company raised Rs. 8 Cr in venture debt from Trifecta Capital in January 2020.
The new round of funding has also seen participation from Abhishek Dalmia and several high repute family offices.
The new capital raised will be utilized for expanding the brands’ D2C footprint with new initiatives such as a subscription-based shopping experience, and catalog curation with AI-based recommendations based on customers’ affinity and data mining.
Speaking on the occasion, 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.”
Started in 2012 by Shivani Poddar and Tanvi Malik, HSE has pioneered fast fashion in the country and is among the first Indian fashion retailers to have a robust omnichannel retail model. HSE’s brands, FabAlley, Indya, and Zyra currently retail through their websites, horizontal online marketplaces, large format chains such as Lifestyle and Central, along with more than 30 Exclusive Brand Outlets across the country.