High Street Essentials funding
Delhi-based High Street Essentials (HSE) announced that it has raised Rs 25.50 crore in a round of funding led by its existing investors Elevation Capital, India Quotient, Dominor Holding, and family offices.
The startup plans to utilize the freshly raised funds for expanding the direct-to-consumer (D2C) footprint of its brand both in India and abroad.
Besides this, the company is looking to make its supply chain even more flexible by in-housing chief production processes like printing and embroidering, thus facilitating a 30-day mind-to-market production turn-around.
Established in 2012 by Shivani Poddar and Tanvi Malik, HSE is focused on fast fashion via an omnichannel retail model.
Speaking about the funding, HSE co-founders said, “Over the course of the past year, we have worked extremely hard as a team by adopting strict cost-cutting measures, further leveraging our nimble supply chain, improving D2C customer experience, expanding into low capital-intensive channels, and foraying into recession-proof categories in fashion and beauty.”
Earlier, the company had raised Rs 20.75 crore in June 2020.
In the year 2020, with the onset of the first wave of the pandemic, the company forayed into new categories that were relevant to the situation such as fashion masks, loungewear, and formal keyboard-up dressing options.
It also established its digital presence with new initiatives such as a subscription-based shopping experience, and catalog curation with AI-based recommendations. The company also expanded its global footprint by collaborating with global marketplaces such as Namshi, Amazon US, and Zalora.
At present, online revenue accounts for more than 50 percent of the entire revenue of the company. HSE recorded gross revenue of Rs 180 crore in FY20.
Earlier this year, the fashion house ventured into the personal care space with the launch of an in-house brand, Indya Skin Care. This year, the company rolled out a new Indian daywear brand called Earthen by Indya.
High Street Essentials is a leading fashion company with several renowned brands under its umbrella. The company is performing very well and seems to have huge growth prospects. My best wishes to the team of HSE.Shishir Gupta, Founder and CEO, StartupLanes
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