Faballey raises Rs 60 crore, to use funds on retail expansion

By

Maverick Martins

Published
Dec 28, 2018

High Street Essentials Pvt Ltd (HSE), the company that owns and operates Faballey.com, has managed to raise around Rs 60 crore (approx $8.6 million) in a Series B round of funding from SAIF Partners.
 

The company will utilise the funds towards increasing its retail presence across India and will also invest significantly in distribution, product expansion, brand-building, and technology.
 
Commenting on the investment, Shivani Poddar, co-founder HSE in a statement said, “The capital infusion will help us scale our offline presence rapidly from 15 exclusive outlets and 120 shop-in-shops to 50 and 300 respectively by the end of FY20. We will invest in new categories such as Athleisure and our plus size brand, Curve.”

Mukul Arora, managing director of SAIF Partners will join the company’s board. Speaking about the investment, he said “Indian women are moving from unbranded to branded apparel, which presents an opportunity to build large women’s fashion brands. When we met Shivani and Tanvi, we were really impressed by their deep customer understanding and solid execution muscle. They have built two successful brands in an extremely capital efficient manner, and are well placed to build a very valuable business.”
 
HSE was started by two women entrepreneurs Shivani Poddar and Tanvi Malik and currently has a physical presence in India, Sri Lanka, Dubai, and Mauritius. It is also looking to expand online internationally, predominately into the UK market and in the Middle East.
 
HSE had posted gross sales of Rs 80 crore for the fiscal year 2018 and expected to double its sales in the current fiscal.