High Street Essentials (HSE) has raised Rs 20.75 crore in a fresh round of funding led by existing investors SAIF Partners and India Quotient.
High Street Essentials is the parent company of women’s fashion brands FabAlley and Indya.
As per a statement, the pre-series C round involves a convertible note, which will be converted during the series C raise.
As per the company, it plans to utilize the funding amount for expanding the brands’ D2C (digital to consumer) footprint with new initiatives such as a subscription-based shopping experience and catalogue curation with AI-based recommendations based on customers’ affinity and data mining.
Founded by Shivani Poddar and Tanvi Malik in 2012, High Street Essentials has increased its retail footprint in FY20 with 13 new Indya stores and 5 FabAlley stores.
Talking about the working of the company amid COVID-19, Shivani Poddar said,
“In the midst of this unprecedented global crisis, we are working hard to ensure that we leverage all our assets such as our nimble supply chain, data-led designing, and sharp focus on customer experience so that HSE emerges as a leading fashion retail company in the industry.”
High Street Essentials has also expanded both brands to over 400 shop-in-shops across the nation.
With a net profit of Rs 1.3 crore, HSE reported net revenue of Rs 90.2 crore in FY19.