High Street Essentials Pvt. Ltd (HSEPL), which operates fashion brands including FabAlley and Indya, has raised Rs 20.75 crore (approximately $2.72 million at current exchange rates) in its pre-Series C funding round.
The round was led by existing investors SAIF Partners and India Quotient. Others that participated in the round include angel investor Abhishek Dalmia and several family offices, the identities of which were not disclosed.
The New Delhi-based company will use the funds for expanding its brands’ direct-to-consumer model, including offerings such as subscription-based services and catalog curation, High Street Essentials said in a statement.
The funding has been structured as a convertible note, which will be converted during the company’s Series C exercise. It also comes after HSEPL raised Rs 8 crore from venture debt provider Trifecta Capital in January this year.
High Street Essentials was set up in 2012 by Shivani Poddar and Tanvi Malik. Company brands – including FabAlley, Indya and Zyra – maintain an omnichannel presence, including through their websites, department store chains, and online marketplaces.
“Amid this unprecedented global crisis, we are working hard to ensure that we leverage all our assets such as our nimble supply chain, data-led designing and sharp focus on customer experience,” Poddar and Malik said.
According to VCCEdge, High Street Essentials reported net sales of Rs 87.47 crore for the 2019 financial year, with profit-after-tax figures of Rs 1.32 crore for the same period.
In December 2018, the company raised Rs 60 crore (around $8.5 million) in its Series B round, which was led by SAIF Partners. The round included a partial secondary share sale by Indian Angel Network, High Street Essentials’ earliest investor. In 2016, it raised $2 million in a Series A funding round led by India Quotient.
