New Delhi-based fashion house High Street Essentials (HSE), the parent company of women’s exclusive brands – FabAlley and Indya, on Thursday announced that it had raised Rs 8 crore in venture debt from Trifecta Capital. It was the second round of debt infusion by Trifecta into the company, a statement said.
“The company plans to deploy the fresh round of funding to fuel the offline and expansion of its brands further,” it added. During FY20, High Street Essentials scaled up its retail footprint with ten new Indya stores and 5 FabAlley stores. The company said it is on track to close FY20 at the growth of 75 per cent over FY19, with EBITDA and PAT-level profitability.
“As we scale both our offline and online presence while incubating new offerings and brands in complementary spaces, we must upgrade our infrastructure and working capital simultaneously,” HSE co-founder Tanvi Malik said. She added that in the next 12-18 months, HSE plans to grow its retail presence by increasing its stores’ count to 50 and doubling shop-in-shops to more than 650.