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The High Street Essentials owned brands FabAlley and Indya have recently raised INR 25.5 crore. The funding round was led by investors which involves Elevation Capital, India Quotient, Dominor Holdings, and family offices.
The new deal on women’s fashion retailers made it valued at 75 million dollars.
The co-founder of the firm Shivani Podder said- “We had offers from other external investors too, but we refused it as we do not need more Capital at this point of time”.
Due to the Global pandemic especially in India it has been stated that it’s offline business will be back to normal in a quarter mile online sales are expected to pick up by the coming months specifically June.
High Street Essentials said that the proceedings will be used to expand the brand’s direct-to-consumer footprint both in Indian and foreign markets.
High Street Essentials was founded in 2012 by Shivani Podder and Tanvi Malik. It offers fast fashion through its Omni channel and retail model via online platform.
It mainly ventures into two new categories which are fashion masks, lounge wear and formal keyboard of dressing options amid the first covid-19 wave in 2020.
Whereas with the commencement of 2021, it forayed into the personal care segment with the launch of an inhouse brand Indya skin care.
And later it added some of the Indian daywear brands – Earthen by Indya.
“Over the course of 2020, HSE heavily strengthened its digital presence with new initiatives such as a subscription-based shopping experience, and catalogue curation with AI-based recommendations based on customers’ affinity and data mining,” the company said in a statement.
It grows its Global impact by getting into partnership with international market places such as Amazon US, Zamora, Namshi and more.
By 2020 it grew its brand presence online tremendously and currently has 50% of its total revenue.
The companies or revenue contraction in 2020 fiscal year. It expected to report gross revenues of around rupees 250 crores for the FY ending March 31 2022.
Moreover the current plans are to make its supply chain more agile by in housing ki production processes such as embroidering and printing. It is also working to enable a 30-day mindset to market production turnaround as compared to global fashion leaders such as Zara and Boohoo.
Lastly, “Over the course of the past year, we have worked extremely hard as a team by adopting strict cost-cutting measures, further leveraging our nimble supply chain, improving D2C customer experience, expanding into low capital-intensive channels, and foraying into recession-proof categories in fashion and beauty so that HSE further solidifies its position as a leading women’s lifestyle and fashion retail company in the industry,” cofounder Malik said.
