Private Equity

VC Fund Investments

Parent co. of FabAlley.com raises Rs.50-Cr from family offices

Business Line  

High Street Essentials, the parent company of women’s fashion brands FabAlley and Indya, has raised INR 50 crore in equity and debt from Sangita Jindal, Chairperson of JSW Foundation with participation from family offices of SRF Group, Krishna Bodanapu of Cyient Technologies and Timmy Sarna from Pure Home + Living. The new funds will enable the company to expand its premium occasion wear range including the wedding wear brand “Weddings By Indya”. In the current fiscal year it would be adding 10-12 wedding stores and expand it to 100 over the next 3-4 years.Indya is currently retailed through 12 exclusive brand outlets in eight cities, and 150 large format retail outlets, including Lifestyle, Shoppers Stop, Centro and Ethnicity. Currently it owns most of its outlets in India, but plans to migrate to a franchise model. It has two stores in Malaysia and plans to also open outlets in USA and South Africa within the next 18 months. Indya’s largest volumes come from its international direct-to-consumer ecommerce. About half of its sales are from online channels.High Street Essentials posted EBITDA profitability in April 2024, and the brand Indya has been growing at more than 30% annually. In FY25, the company has set an aggressive target of achieving 50 %, while being profitable at the net level.