FabAlley’s parent company raises INR 25 50 Cr in funding
The latest capital injection comes after the company raised 20.75 Cr INR in June 2020 amid the first wave of the COVID-19 pandemic.
Delhi-based fashion house High Street Essentials (HSE), the parent company of women’s fashion brands FabAlley and Indya, has raised CR 25.50 in a round of funding led by its existing investors Elevation Capital, India Quotient, Dominor Holding and its family offices. The latest capital injection comes after the company raised 20.75 Cr INR in June 2020 amid the first wave of the COVID-19 pandemic.
Launched in 2012 by Shivani Poddar and Tanvi Malik, HSE has pioneered fast fashion in the country and is among the first Indian fashion retailers to have a robust omnichannel retail model. During the first wave of 2020, the company also ventured into new categories relevant to the pandemic situation, such as fashion masks, loungewear and formal keyboard dressing options. Earlier this year, the fashion house entered the personal care segment with the launch of a private label, Indya Skin Care. This year, the company also launched a new Indian daywear brand called Earthen by Indya and a collaborative capsule collection with famous designer Payal Singhal.
During 2020, HSE significantly strengthened its digital presence with new initiatives such as a subscription shopping experience and catalog curation with AI-based recommendations based on customer affinity and crawl. of data. The company has also grown its global presence by partnering with international markets such as Namshi, Amazon US and Zalora. Overall, the past 12 months have seen the online presence of HSE brands grow and strengthen on several occasions, and currently online revenues represent over 50% of the company’s total revenue.
The new capital raised will be used to extend the brands D2C footprint nationally and internationally by adding more personalized solutions to proprietary web products and applications and expanding the brands presence with global e-commerce conglomerates. Technology has been the backbone of the business for the past 8 years and will continue to be enhanced to deliver an exceptional customer experience. Apart from this, the company plans to make its supply chain even more agile by integrating key production processes such as printing and embroidery, allowing for a 30-day production cycle between mind and market. , comparable to world leaders in fashion. like Zara and Boohoo.
Speaking on the occasion, Shivani Poddar and Tanvi Malik, co-founders of HSE, said: “We appreciate the continued support from our investors and clients, who have been crucial to our continued success, both in this time of economic strength. and during this pandemic. year. Over the past year, we have worked extremely hard as a team adopting strict cost reduction measures, leveraging more of our agile supply chain, improving the D2C customer experience, expanding into low-capital-intensive channels and making recession-proof inroads. categories in fashion and beauty so that HSE further consolidates its position as the leading retailer of womens fashion and fashion in the industry.
HSE recorded gross revenue of 180 Cr INR in FY20, reflecting strong year-over-year revenue growth even with the disruption caused by the pandemic. Since its inception in 2012, High Street Essentials Pvt. Ltd., has grown into one of India’s leading omnichannel fashion houses. Aimed at the modern Indian woman, the company has two brands under its wing. While FabAlley is a fast fashion brand for Western clothing and accessories, Indya presents a distinctive line of modern Indian clothing. The company’s latest offerings are Earthen by Indya and Indya Skin Care. All of them have an inimitable style signature and are attentive to today’s women.