June 17, 2024
Corporates

High Street Essentials Secures Rs 50 Crore Funding

In its recent funding round, High Street Essentials, the parent company of fashion brands Indya and FabAlley, has raised Rs 50 crore through a blend of equity and loan infusion. Spearheaded by Sangita Jindal, Chairperson of JSW Foundation, the investment round also saw contributions from SRF Group’s family offices, Cyient’s MD Krishna Bodanapu, and Pure Home + Living’s CEO Timothy Sarna.

According to a press release from High Street Essentials, the fresh capital infusion is earmarked for expanding the company’s presence both in India and globally.

Established in 2012, High Street Essentials operates as a direct-to-consumer omni-channel fashion enterprise offering affordable western and ethnic-fusion attire. With backing from investors like Elevation Capital, India Quotient, and Dominor Investment Holding, the company has amassed over $18 million in funding till date.

The latest investment aims to fortify the company’s luxury event-wear line, ‘Weddings By Indya’, and reinforce its position in the occasion and wedding wear segment. Co-founders Shivani Poddar and Anurag Murali expressed optimism about the potential to establish a significant presence for Weddings By Indya, given the sizable portion of the wedding wear market that remains unorganized.

Moreover, High Street Essentials has collaborated with prominent fashion designers including Rohit Gandhi, Rahul Khanna, Varun Bahl, Ashish N Soni and Nikhil Thampi.

Currently, the company distributes its fashion merchandise through 12 exclusive brand outlets situated in New Delhi, Bengaluru, Chennai, Bhubaneswar, Indore and Ahmedabad, alongside its online platform and various e-commerce marketplaces.

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