High Street Essentials, the parent company of women’s fashion brands Indya and FabAlley, has raised INR 50 crore in equity and debt infusion from Sangita Jindal, Chairperson of JSW Foundation with participation from family offices of SRF Group, Krishna Bodanapu of Cyient Technologies and Timmy Sarna from Pure Home + Living.

The fund infusion would enable Indya to undertake strategic business expansion of its premium occasion wear range “Weddings By Indya”, and chart a growth roadmap for a significant play in the occasion and wedding wear market, a statement said.

High Street Essentials, founded in 2012, is a direct-to-consumer (D2C) omnichannel womenswear fashion firm that sells affordable western and ethnic-fusion clothes under the FabAlley and Indya brands.

The company could raise another INR 10-15 crore shortly, co-founder Anurag Murali said, adding that there was considerable interest from investors. “Weddings By Indya” is a curated collection catering to India’s USD 15 billion wedding segment and offers crafted ensembles for various ceremonies.

In the current fiscal year, it would be adding 10-12 wedding stores while over the next 3-4 years it plans to add over 100 stores, he said. Indya is currently retailed through 12 exclusive brand outlets in eight cities, and 150 large format retail outlets, including Lifestyle, Shoppers Stop, Centro and Ethnicity. Currently, it owns most of its outlets in India, but the plan is to migrate to a franchise model to keep the costs down.

It has two stores in Malaysia and has plans to also open outlets in the USA and South Africa within the next 18 months. However, Indya’s largest volumes come from its international direct-to-consumer e-commerce. About half of its sales are from online channels.

Indya has strategic collaborations with well-known Indian designers including Rohit Gandhi and Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi, and is democratising high-end fashion by bringing them at high street prices. Its occasion wear is priced in the range between INR 1500-4000, while the wedding collections start from INR 5000 and can go up to INR 30,000.

High Street Essentials posted EBITDA profitability in April 2024, and brand Indya has been growing at more than 30% annually. In FY25, the company has set an aggressive target of achieving 50%, while being profitable at the net level.

High Street Essentials’ revenue from operations increased 17.8% to INR 185 crore in FY23 from INR 157 crore in FY22. Losses for the company remained constant at INR 45 crore in FY23.

Murali said that it is also exploring acquisitions and strategic tie-ups with regional brands to scale up.

Article Source – High Street Essential (Press Release)

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