High Street secures Rs 60-crore funding from SAIF Partners

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Bengaluru | Updated: December 28, 2018 3:50:46 AM

This is the third round funding by HSE, which last raised its Series A funding from India Quotient in late 2016 and a round of debt from Trifecta Capital earlier this year.

This is the third round funding by HSE.

Delhi NCR-based High Street Essentials (HSE), which owns women-centric fashion brands, FabAlley and Indya, secured Rs 60 crore in a Series B funding from SAIF Partners.

This is the third round funding by HSE, which last raised its Series A funding from India Quotient in late 2016 and a round of debt from Trifecta Capital earlier this year. The latest round also includes a partial secondary share sale by Indian Angel Network, HSE’s earliest investor.

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The firm said it planned to deploy the fresh funding towards increasing distribution, product expansion, brand-building and strengthening its technology. HSE claims to have turned profitable in FY18 with gross sales of Rs 80 crore and said it was on track to close FY19 at Rs 150 crore, while remaining Ebitda positive. HSE was started in 2012 by Shivani Poddar and Tanvi Malik, with fast fashion brand, FabAlley. “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 Athleisure and our plus size brand, Curve. We will also look at amplifying our brands” Shivani Poddar said.

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Tanvi Malik added “Our goal is to capture both online and offline growth opportunities by leveraging our channel-agnostic approach through phygital store experiences, virtual fitting rooms, seamlessly merged forward and reverse logistics – all aimed at benefitting from the strategic advantages of both channels, while minimising their inherent disadvantages.”

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