High Street Essentials, the owner and operator of women’s fashion brands Indya and FabAlley, has secured INR 50 crore ($6 million) through a combination of equity and debt in its latest funding round.
The funding round was led by JSW Foundation Chairperson Sangita Jindal, with participation from the family offices of the SRF Group, Cyient’s Executive Vice Chairman and MD Krishna Bodanapu, and Pure Home + Living’s MD and CEO Timmy Sarna.
The new capital will support Indya’s expansion in both Indian and global markets, according to a company statement.
Founded in 2012, High Street Essentials is a D2C omnichannel womenswear fashion house, offering affordable western wear and ethnic-fusion wear under the FabAlley and Indya brands.
Backed by Elevation Capital, India Quotient, and Dominor Investment Holding, High Street Essentials claims to have raised over $18 million to date. This latest investment is expected to boost the brand’s premium occasion-wear line ‘Weddings By Indya’ and strengthen its presence in the wedding wear market.
“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,” said Shivani Poddar and Anurag Murali, co-founders of High Street Essentials.
Indya has collaborated with several renowned Indian designers, including Rohit Gandhi, Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi, to cater to India’s booming wedding wear market.
Currently, Indya retails its products through its website, online marketplaces, and 12 exclusive brand outlets in cities such as New Delhi, Bengaluru, Chennai, Bhubaneswar, Indore, and Ahmedabad.
High Street Essentials claims to have achieved EBITDA profitability in FY24, with over 30% year-over-year growth. The company aims to achieve profit after tax (PAT) positivity and is targeting 50% YoY growth in FY25.
