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High Street Essentials, the parent company of women’s fashion brands Indya and FabAlley, has raised ₹50 crore in equity and debt infusion 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 fund infusion would enables Indya to undertake strategic business expansion of its premium occasion wear range “Weddings By Indya”, and chart a growth roadmap for a significant play in the occasion, and wedding wear market, a statement said. The company could raise another Rs 10-15 crore in the near future, co-founder Anurag Murali told businessline, adding that there was considerable interest from investors. “Weddings By Indya” is a curated collection catering to India’s $15 billion wedding segment, and offers crafted ensembles for various ceremonies.
In the current fiscal year it would be adding 10-12 wedding stores while over the next 3-4 years it plans to add over 100 stores., he said. 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 the plan is to migrate to a franchise model to keep the costs down.
It has two stores in Malaysia and has plans to also open outlets in USA and South Africa within the next 18 months. However, Indya’s largest volumes come from its international direct-to-consumer ecommerce. About half of its sales are from online channels.
Indya has strategic collaborations with well-known Indian designers including Rohit Gandhi and Rahul Khanna, Varun Bahl, Ashish N Soni, Nikhil Thampi, and is democratising high-end fashion by bringing them at high street prices. Its occasion-wear is priced in the range between ₹1500-4000, while the wedding collections start from ₹5000 and can go up to ₹30,000.
High Street Essentials posted EBITDA profitability in April, 2024, and brand Indya has been growing at more than 30 per cent annually. In FY25, the company has set an aggressive target of achieving 50 per cent, while being profitable at the net level.
Murali said that it is also exploring acquisitions and strategic tieups with regional brands in order to scale up.
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