Noida-based High Street Essentials (HSE), which owns women-centric fashion brands, FabAlley and Indya, have raised Rs 60 crore in a Series B funding from SAIF Partners.
This round of funding also includes a partial secondary share sale by Indian Angel Network (IAN), which was early investor in the startup. IAN had invested undisclosed amount as seed fund in Faballey, in November 2013.
With latest round of funding, HSE, which is led by women founders, has raised a total of about $11.3 million in funding over four rounds, including this one. The latest is the third round funding by the startup, which last raised its Series A funding from India Quotient in October 2016 and a round of debt from Trifecta Capital earlier this year.
The startup intends to use the fresh funding towards increasing distribution, product expansion, brand-building and strengthening its technology.
Founded in 2012, by Tanvi Malik and Shivani Poddar, who quit their high-paying jobs in Titan Industries, Unilever and Avendus Capital, HSE had started FabAlley as a highly curated women-centered accessories only store. It then grown to become brand of globally trendy apparel and accessories both, and all of which designed in-house.
In 2016, HSE launched ‘Indya’, a second by company that offers contemporary Indian wear with modern and distinctive Indo-western elements for the women-centric market.
The company claims to have turned profitable in FY18 with gross sales of Rs 80 crore and said it was on track to close FY19 at Rs 150 crore, while remaining Ebitda positive.
“The capital infusion will help us scale our offline presence rapidly from 15 exclusive outlets and 120 shop-in-shops to 50 and 300, respectively, by the end of FY20. We will invest in Athleisure and our plus size brand, Curve. We will also look at amplifying our brands” said Shivani Podda.
Tanvi Malik added “Our goal is to capture both online and offline growth opportunities by leveraging our channel-agnostic approach through phygital store experiences, virtual fitting rooms, seamlessly merged forward and reverse logistics – all aimed at benefitting from the strategic advantages of both channels, while minimising their inherent disadvantages.”
SAIF Partners, which is a Hong Kong-based venture and growth capital fund, had recently led a $3.3 million Series A round of funding of IIT Madras incubated Internet of Things (IoT) Startup, DeTect Technologies, in last month.
In October, SAIF had also led a $3.1 million funding of Meesho, a Bengaluru-based social e-commerce startup backed by Y Combinator. Prior to this, in September this year, SAIF led a Series A round of funding worth $2 million of Sensehawk, a Bangalore and California-based startup that performs data analysis from autonomous Unmanned Aerial Vehicles (UAVs) and Drones.
Source – Financial Express
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