High Street Essentials, the parent company of popular women’s fashion brands Indya and FabAlley, has successfully raised INR 50 crore ($6 million) in its latest funding round. The capital infusion comprises a mix of equity and debt, aimed at propelling the company’s expansion into the lucrative wedding wear segment.
Key Investors and Strategic Vision
The funding round was spearheaded by Sangita Jindal, chairperson of JSW Foundation, with notable participation from prominent investors such as the family offices of SRF Group, Cyient’s executive vice chairman and MD Krishna Bodanapu, and Timmy Sarna, MD and CEO of Pure Home + Living.
This fresh capital will enable Indya to strengthen its market presence both in India and internationally. According to a company statement, the funds will be pivotal in expanding the brand’s reach and enhancing its product offerings, particularly in the premium occasion-wear line ‘Weddings By Indya.’
Expanding Horizons
Founded in 2012, High Street Essentials has established itself as a direct-to-consumer (D2C) omnichannel fashion house, catering to the diverse fashion needs of women with its FabAlley and Indya brands. Known for its affordable western wear and ethnic-fusion attire, the company has garnered substantial support from investors like Elevation Capital, India Quotient, and Dominor Investment Holding, raising over $18 million to date.
The latest investment aims to bolster ‘Weddings By Indya,’ positioning it to capture a significant share of the $15 billion wedding wear market in India, which remains largely unorganized. Co-founders Shivani Poddar and Anurag Murali expressed their enthusiasm about the opportunity to create a robust presence in this burgeoning sector.
“We see an immense opportunity to build a strong presence for Weddings By Indya in the $15 billion wedding wear market, a large part of which is still unorganized,” stated Poddar and Murali.
Collaborations and Retail Footprint
Indya has strategically partnered with renowned Indian designers, including Rohit Gandhi, Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi, to cater to the growing demand for high-quality wedding attire. These collaborations are expected to enhance the brand’s appeal and drive growth in the competitive wedding wear market.
Currently, Indya retails its products through its website, various online marketplaces, and 12 exclusive brand outlets located in cities such as New Delhi, Bengaluru, Chennai, Bhubaneshwar, Indore, and Ahmedabad. This extensive retail network positions the brand well to capitalize on the expanding market opportunities.
Financial Performance and Future Prospects
High Street Essentials has demonstrated strong financial performance, achieving EBITDA profitability in FY24 with a growth rate exceeding 30% year-over-year. Looking ahead, the company aims to achieve profit after tax (PAT) positivity and is targeting a 50% year-over-year growth in FY25. This optimistic outlook reflects the company’s strategic focus on scaling its operations and enhancing profitability.
With the new funding, High Street Essentials is poised to make significant strides in the wedding wear market, leveraging its strong brand presence, strategic partnerships, and financial robustness to drive sustained growth and success.
