High Street Essentials that owns women-focused fashion apparel brand FabAlley and Indya has raised Rs 60 crore in Series B round led by SAIF Partners. Following the investment, Mukul Arora, managing director at SAIF Partners will join the board of the Noida-headquartered company.
As part of the transaction, SAIF Partners has also picked up a portion of the startup’s existing investors IAN’s stake in it.
In October 2016, FabAlley had raised Rs 13 crore in a Series-A round led by Mumbai-based India Quotient with the participation of IAN, and others. The last funding round for FabAlley came in February, this year when it picked up Rs 5 crore in debt round from Trifecta Capital.
The company which retails through its own websites and through the major e-commerce platforms will use the fresh capital to scale its offline presence to 50 exclusives outlets and 200 shop-in-shops by the end of FY20.
Floated in 2012 by Tanvi Malik and Shivani Poddar, FabAlley is an online fashion brand which sells across categories such as apparel, footwear, accessories for women. In 2016, the company had launched two sub-brands and also partnered with Future Group’s Central malls to expand into offline markets.
The company’s other brand Indya is an ethnic fusion wear-focused brand that competes with the likes of W, Bib, and Global Desi.
With gross sales of Rs 80 crore, FabAlley claimed to have turned EBITDA positive in the last 3 quarters in FY18 and overall profitable in the fiscal year.
The development was reported by ET.