ⓘ Featured image: High Street Essentials co-founders: Shivani Poddar (L) & Tanvi Malik (R); Credits: FabAlley.com
High Street Essentials, the parent company of FabAlley, Indya, Zyra, the e-commerce marketplaces dedicated to women’s fashion, has raised INR 20.75 crore (around $27 million) funding from its existing investors SAIF Partners and Inda Quotient with participation from Abhishek Dalmia, chairman of Renaissance Group and several other family offices.
The company has revealed that the fresh funds will be deployed towards the expansion of the e-commerce marketplaces, creating a subscription-based model, and catalogue curation with AI-based recommendations.
Started by Tanvi Malik and Shivani Poddar, High Street Essentials is headquartered in Noida, India. The company has recently tapped into other fashion categories such as masks, loungewear, and formal keyboard-up dressing styles. Apart from the online marketplaces, the company also has over 30 exclusive brand outlets across India.
Commenting on the investment round, Mukul Arora, Partner at SAIF Partners, in a statement said,
“FY20 was a great year for HSE where we saw strong growth in both FabAlley and Indya while remaining profitable. Post reopening in June, we are already seeing healthy recovery across channels,”