This freshly raised funds will be used to expand its D2C footprint across domestic and global markets.
The Delhi based fashion company High Street Essentials and parent company of brands FabAlley and Indya, has raised Rs 25.50 crore in a round of funding led by existing investors Elevation Capital, India Quotient, Dominor Holding, and family offices.
The company will be using freshly raised funding to expand its D2C footprint across domestic and global markets, Apart from this the company is planning to scale its execution by 30 day mind-to-market production turn-around by more agile processes with in-housing key production such as printing and embroidering.
Founded in 2012 by Shivani Poddar and Tanvi Malik, HSE is focused on fast fashion through an omnichannel retail model.
On the funding, HSE co-founders said,
“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.”
High Street Essentials had earlier raised Rs 20.75 crore in June 2020.
Due to covid-19 pandemic the company also launched new categories according to the situation such as masks, loungewear, and formal keyboard-up dressing options.
The company also increased its digital presence with new subscription-based shopping experience and catalogue curation with AI-based recommendation. The company also grew its global presence by partnering with global marketplaces such as Namshi, Amazon US, and Zalora.
Currently, online revenue accounts for over 50 percent of the total revenue of the company. HSE reported gross revenue of Rs 180 crore in FY20.
Earlier this year, the fashion house forayed into the personal care segment with the launch of an in-house brand, Indya Skin Care. This year, the company launched a new Indian daywear brand called Earthen by Indya.