Noida-based High Street Essentials, which owns and operates women’s fashion brands FabAlley and , has raised ₹60 crore Series B funding round from SAIF Partners.
As per the reports, the transaction was closed last month. As a part of the deal, Mukul Arora, managing director at SAIF Partners, join the six-year-old company’s board. SAIF Partners has also picked up a portion of IAN’s stake in the company.
In a statement, the company said that the newly raised capital will be deployed towards increasing distribution, product expansion, brand-building initiatives and strengthening the technology infrastructure.
Commenting on this new funding round, Tanvi Malik, co-chief executive of Fab Alley said:
The capital infusion will help us scale our offline presence rapidly from 15 exclusive outlets and 120 shop-in-shops to 50 and 200 respectively by the end of fiscal 2020. Both our brands will be making ATL and BTL marketing initiatives in the next 12-18 months.
Prior to this funding round, the company had raised around ₹22 crore, including ₹5 crore in venture debt funding from Trifecta Capital earlier this year in February.
The company was launched in June 2012 by Shivani Poddar and Tanvi Malik. Its first brand, FabAlley, is a women’s only western wear label that offers design-differentiated and fashionable clothing and accessories for the woman on-the-go.
In 2016, the company launched , an ethnic-fusion, brand which is being sold in 15 exclusive brand outlets. It also has a sizeable large format presence across the country and is retailed online through direct and indirect channels.
High Street Essentials Pvt. Ltd claims that it turned profitable in the financial year 2017-18 with gross sales of ₹80 crore and is on track to close 2018-19 at ₹150 crore while remaining EBITDA positive.