FabAlley’s parent company raises 40 crores from Stride Ventures
Delhi-based fashion house, High Street Essentials Pvt. Ltd. (HSE), the parent company behind women’s fashion brands, FabAlley and Indya, has raised INR 40 Cr from Stride Ventures, an official statement highlighted.
On the heels of the fund raise, the fashion house has also announced brand Indya’s foray into the premium occasion wear category, with a new range, Indya Luxe. The Luxe range comprises intricately detailed ensembles suitable for occasion & festive wear, priced between INR 6,500 and 18,000. Indya Luxe will retail through the Indya website, key international marketplaces, and EBOs.
Started 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 omni-channel retail model. HSE’s brands, FabAlley and Indya, currently retail through their websites and apps, horizontal marketplaces, and large format chains such as Lifestyle, Shoppers Stop, along with 30+ exclusive brand stores across the country. The company has also expanded its global reach by partnering with international marketplaces such as Namshi, Amazon US, and Zalora. With a wide domestic and international D2C footprint and a strong offline comeback post the pandemic, the fashion house currently sees an equal split of revenue from the two channels.
The last financial year has witnessed HSE make big leaps on the product and branding fronts. In September 2021, the company announced the signing of Bollywood star Shraddha Kapoor as Indya’s first brand ambassador. It also launched two collaborative capsule collections with acclaimed designer Payal Singhal and is planning to launch two new designer collections in AW22.
Along with building Indya Luxe, the new capital infusion will be utilized for expanding the company’s offline footprint. Based on the positive consumer sentiment post the third wave, HSE plans to double its offline presence by adding 30 more EBOs – a mix of company owned stores and franchisees – and another 100 shop-in-shops in large format stores over the next 12-18 months. This year will also mark the company’s offline expansion to international markets with its first physical store in Malaysia.
Speaking about the investment, Shivani Poddar and Tanvi Malik, Co-Founders, HSE said, “We value the trust and confidence that Stride Ventures has shown in us and are excited about building the company with their support. The investment has come at the right time as we kick start our next leg of success with key category expansions and scaling our offline and online presence to further solidify our position as a leading women’s lifestyle and fashion retail company.”
Apoorva Sharma, Partner, Stride Ventures added, “We are elated to support High Street Essentials as they bring a wave of change in the women’s fashion and apparel industry. HSE through its bold, inclusive and fashion-forward brands and robust marketing strategies has been very successful in creating a unique market identity. We are pleased to be associated with the company and look forward to envisaging their growth journey as they foray into the premium wear segment with Indya Luxe.”
