JSW Foundation chairperson Sangita Jindal led the round, which also included participation from SRF Group’s family offices, Cyient’s executive vice chairman and MD Krishna Bodanapu, and Pure Home + Living’s MD and CEO Timmy Sarna. The investment is projected to increase the brand’s luxury occasion-wear line ‘Weddings By Indya’ and help it strengthen its footprint in the occasion and wedding wear industry. High Street Essentials, founded in 2012, is a D2C omnichannel womenswear fashion firm that distributes cheap western clothing and ethnic-fusion apparel under the brands FabAlley and Indya.
High Street Essentials, which owns and operates the women’s fashion brands Indya and FabAlley, has raised INR 50 crore ($6 million) in its most recent investment round through a combination of stock and loan infusion.
Sangita Jindal, chairperson of JSW Foundation, led the round, which also included participation from SRF Group’s family offices, Cyient’s executive vice chairman and MD Krishna Bodanapu, and Pure Home + Living’s MD and CEO Timothy Sarna.
Indya stated in a statement that the new funding will help it extend its position in the Indian and worldwide markets.
High Street Essentials, founded in 2012, is a direct-to-consumer omnichannel womenswear fashion firm that sells affordable western and ethnic-fusion clothes under the FabAlley and Indya brands.
High Street Essentials, which has Elevation Capital, India Quotient, and Dominor Investment Holding as sponsors, claims to have raised more than $18 million in funding to date.
The investment will most likely benefit the brand’s luxury event-wear line ‘Weddings By Indya’ while also helping it improve its position in the occasion and wedding wear markets.
“We see an enormous opportunity to build a strong presence for Wedding By Indya in the $15 billion wedding wear market, a large portion of which is still unorganised,” said Shivani Poddar and Anurag Murali, High Street Essentials cofounders.
Indya claims to have collaborated with renowned Indian designers such as Rohit Gandhi, Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi, among others, to cater to India’s thriving wedding dress industry.
Presently, Indya sells its goods through 12 unique brand stores that are spread around cities including New Delhi, Bengaluru, Chennai, Bhubaneshwar, Indore, and Ahmedabad, as well as through its website and online marketplaces.
High Street Essentials claims to have reached EBITDA profitability in FY24, expanding by more than 30% year on year. The company intends to turn profit after tax (PAT) positive and expects a 50% YoY growth in FY25.
