High Street Essentials (HSE), owner of Indya and FabAlley, has secured Rs 25.5 crore in funding. The round was led by its existing investors India Quotient, Elevation Capital, Dominor Holding and family offices.
With this funding, the Indian fashion brand is valued at around $75 million.
“We had offers from other external investors too, but we refused it as we do not need more capital at this point of time. Its offline business will be back to normal in a quarter, while online sales are expected to pick up by June,” said co-founder Shivani Poddar.
“Over the course of 2020, HSE heavily strengthened its digital presence with new initiatives such as a subscription-based shopping experience, and catalogue curation with AI-based recommendations based on customers’ affinity and data mining,” a statement made by the company added.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.