High Street Essentials, announced that Rs 40 Cr new round of funding raised from Stride Ventures this week will be invested in launching a new range of fashion line over the next four to six months. It also stated it new line Indya Luxe will retail through the Indya website, key international marketplaces, and EBOs.
Indya made its debut into the premium occasion wear sector, as Indya Luxe. It stated that the Luxe range includes ensembles ideal for special occasions and festive attire, ranging between Rs 6,500 and Rs 18,000.
The new capital will also help expand the company’s offline footprint. HSE also plans to double its offline presence by adding 30 more EBOs–a mix of company-owned stores and franchises, and another 100 shop-in-shops in large format stores over the next 12-18 months.
High Street Essentials to set up first brand store in Malaysia, Expand into Global Markets
According to the company this year will also mark the company’s offline expansion to international markets, with its first physical store in Malaysia.
Started in 2012 by Shivani Poddar and Tanvi Malik, HSE’s brands FabAlley and Indya currently retail through their websites and apps, horizontal marketplaces, and large format chains such as Lifestyle, Shoppers Stop, along with 30+ exclusive brand stores across the country.
High Street Essentials has also expanded its global reach by partnering with international marketplaces such as Namshi, Amazon US, and Zalora.
Shivani Poddar and Tanvi Malik, Co-Founders, HSE, said, “We value the trust and confidence that Stride Ventures has shown in us and are excited about building the company with their support. The investment has come at the right time as we kick start our next leg of success with key category expansions and scaling our offline and online presence to further solidify our position as a leading women’s lifestyle and fashion retail company.”
Apoorva Sharma, Partner, Stride Ventures, added, “We are elated to support High Street Essentials as they bring a wave of change in the women’s fashion and apparel industry. HSE through its bold, inclusive, and fashion-forward brands and robust marketing strategies has been very successful in creating a unique market identity. We are pleased to be associated with the company and look forward to envisaging their growth journey as they foray into the premium wear segment with Indya Luxe.”
