High Street Essentials raises Rs 26 crore from existing investors
High Street Essentials (HSE), which owns fashion brands Faballey and Indya, has raised Rs 26 crore ($3.6 million) from existing investors Elevation Capital, India Quotient, Dominor Holding, and family offices at a valuation of around $75 million.
Earlier this year, HSE had raised Rs 8 crore in venture debt from debt fund Trifecta Capital. The company plans to utilise the funds to strengthen its presence in India and abroad by adding more personalised solutions to web and app products coupled with the expansion of its brands with global e-commerce conglomerates.
Speaking on the occasion, Shivani Poddar and Tanvi Malik, co-founders of HSE, in a statement said: “We value the continued support of our investors and customers, who have been crucial to our continued success, both in economically robust times and during this pandemic-stricken year. Over the course of the past year, we have worked extremely hard as a team by adopting strict cost-cutting measures, further leveraging our nimble supply chain, improving D2C customer experience, expanding into low capital-intensive channels, and foraying into recession-proof categories in fashion and beauty so that HSE further solidifies its position as a leading women's lifestyle and fashion retail company in the industry.”
HSE was started in 2012 by Shivani Poddar and Tanvi Malik. It currently sells through brick-and-mortar stores, shops-in-shops, and its website.
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