High Street Essentials raises Rs 8 crore from Trifecta Capital

By

Maverick Martins

Published
Jan 9, 2020

High Street Essentials (HSE), the parent company of FabAlley and Indya, has raised Rs 8 crore ($1.1 million) in venture debt from Trifecta Capital. The company had earlier raised Rs 5 crore from Trifecta in January 2018.
 

HSE will be using the funds to further expand its offline presence in the Indian market by opening exclusive brand outlets for its brands Faballey and Indya.
 
“As we scale both our offline and online presence while incubating new offerings and brands in complementary spaces, it is imperative that we upgrade our infrastructure and working capital simultaneously," HSE co-founder Tanvi Malik said in a statement.

“HSE plans to grow its retail presence by increasing its exclusive brand stores' count to 50 and doubling shop-in-shops to more than 650 in the next 12-18 months,” she added.
 
Commenting on the funding, HSE’s other co-founder Shivani Poddar said, "The capital expenditure required to fund this growth is best done through debt since it reduces the cost of capital and improves return on equity.”
 
During the current financial year, HSE strengthened its retail footprint by opening 10 new Indya stores and five FabAlley stores across the country. For the fiscal year 2019, HSE had reported a profit of Rs 1 crore on revenue of Rs 90 crore.