High Street Essentials, the parent company behind the popular women’s fashion labels Indya and FabAlley, has successfully secured ₹50 crore in funding through a combination of equity and debt infusion. This investment round witnessed substantial backing from Sangita Jindal, the Chairperson of JSW Foundation, alongside notable investors such as the family offices of SRF Group, Krishna Bodanapu of Cyient Technologies, and Timmy Sarna from Pure Home + Living.
The newly acquired capital will fuel Indya’s strategic business expansion, with a particular emphasis on its premium occasion wear range, known as “Weddings By Indya.” The company aims to strengthen its foothold in the lucrative wedding wear market, valued at approximately $15 billion in India.
“Weddings By Indya” offers a meticulously curated collection tailored to various wedding ceremonies. The range features exquisitely crafted ensembles that cater to a diverse audience seeking sophisticated fashion at competitive prices. Indya has forged partnerships with eminent Indian designers like Rohit Gandhi + Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi, further elevating its appeal.
Indya has ambitious plans to expand its physical presence across India by opening 10 new wedding stores within the current fiscal year. Presently, the brand operates 12 exclusive outlets in eight cities and retails through 150 large-format stores, including Lifestyle, Shoppers Stop, Centro, and Ethnicity. Internationally, Indya is extending its reach with a second store in Malaysia and intends to establish outlets in the USA and South Africa within the next 18 months. Despite this expansion, the majority of Indya’s sales are generated through its international direct-to-consumer e-commerce platform.
High Street Essentials achieved EBITDA profitability in April 2024, with the Indya brand exhibiting a remarkable annual growth rate exceeding 30%. Setting ambitious targets for FY25, the company aims for a growth rate of 50% while upholding net profitability.