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Indya and FabAlley’s parent High Street Essentials raises $6 Mn

EntrackrEntrackr · 1y ago
Indya and FabAlley’s parent High Street Essentials raises $6 Mn
Medial

High Street Essentials (HSE), the parent company of women’s fashion brands Indya and FabAlley, has raised Rs 50 crore ($6 million) in equity and debt round led by Sangita Jindal, Chairperson of JSW Foundation. The round also saw participation from family offices of SRF Group, Krishna Bodanapu of Cyient Technologies and Timmy Sarna from Pure Home + Living. Earlier to this round, HSE had raisedRs 40 crore from Stride Ventures in May 2022. This proceeds will be used to enable Indya to undertake strategic business expansion of its premium occasion wear range “Weddings By Indya”, the company said in a press release. Established in 2012 by Shivani Poddar and Tanvi Malik, High Street Essentials has two women-focused brands – Indya and FabAlley. Indya specializes in offering ethnic clothing and accessories for women, whereas FabAlley caters to women’s Western apparel and loungewear needs. Indya has plans to expand its business presence across the country with 10 new wedding stores in this financial year. Indya is currently retailed through 12 exclusive brand outlets in 8 cities, and 150 large format retail outlets, including Lifestyle, Shoppers Stop, Centro and Ethnicity. Its global retail footprint continues to expand with a second store in Malaysia with plans to also open outlets in the USA and South Africa within the next 18 months. However, its largest volumes come from its international direct-to-consumer ecommerce business spanning more than 43 countries. According to startup data intelligence platform TheKredible, High Street has raised Rs 180 crore ($21.6 million) so far (excluding rhe current round) and was valued at Rs 700 crore ($84 million). High Street Essentials’ revenue from operations increased 17.8% to Rs 185 crore in FY23 from Rs 157 crore in FY22. Losses for the company remained constant at Rs 45 crore in FY23.

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FabAlley and Indya-parent posts Rs 185 Cr revenue and Rs 45 Cr loss in FY23

EntrackrEntrackr · 1y ago
FabAlley and Indya-parent posts Rs 185 Cr revenue and Rs 45 Cr loss in FY23
Medial

High Street Essentials, the parent company of “FabAlley” and “Indya”, witnessed sluggish growth during the previous fiscal year ending March 2023. However, the losses for the Noida-based company also were flat during the same period. High Street Essentials’ revenue from operations increased 17.8% to Rs 185 crore in FY23 from Rs 157 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Established in 2012 by Shivani Poddar and Tanvi Malik, High Street Essentials has two women-focused brands – Indya and FabAlley. Indya specializes in offering ethnic clothing and accessories for women, whereas FabAlley caters to women’s Western apparel and loungewear needs. The company claims to have more than 30 stores across the country. The sale of apparel constituted 77% of the total operating revenue which increased 12.7% to Rs 142 crore in FY23. The rest of the income comes from agency commission which increased by 38.7% to Rs 43 crore in FY23. For the fashion brand, the cost of material consumed (procurement) formed 27% of the overall expenditure. This cost increased by 6.8% to Rs 63 crore in FY23. Its advertising cum selling cost saw a growth of 30.8% during the previous fiscal (FY23). Its employee benefit, legal cum professional, freight, and logistics pushed the overall expenditure to Rs 235 crore in FY23 from Rs 206 crore in FY22. Check TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 206 Cr https://thekredible.com/company/faballey/financials View Full Data To access complete data, visithttps://thekredible.com/company/faballey/financials Total ₹ 235 Cr https://thekredible.com/company/faballey/financials View Full Data To access complete data, visithttps://thekredible.com/company/faballey/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Advertisement and sales promotion Advertisement and sales promotion Selling and distribution Selling and distribution Freight Freight Others To check complete Expense Breakdown visit thekredible.com View full data The flat scale and cost did not affect its losses, which remained constant at Rs 45 crore in FY23. Its ROCE and EBITDA margin stood at -247% and -14.2%, respectively. On a unit level, it spent Rs 1.27 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -17% -14.2% Expense/₹ of Op Revenue ₹1.31 ₹1.27 ROCE -130% -247% High Street has raised Rs 180 crore so far and is valued at Rs 700 crore. According to the startup data intelligence platform TheKredible, Elevation Capital is the largest shareholder with 28.18% followed by India Quotient. Its co-founders Tanvi Malik and Shivani Poddar cumulatively command 37.18% of the company.

Home decor brand Ritualistic raises $1 Mn

EntrackrEntrackr · 4m ago
Home decor brand Ritualistic raises $1 Mn
Medial

Snippets Home decor brand Ritualistic raises $1 Mn Home décor brand Ritualistic has raised $1 million in a mix of secondary and primary funding from Deep Bajaj and Mohit Bajaj. The fresh funds will be used to expand product lines, enhance distribution channels, and invest in marketing efforts, Ritualistic said in a press release. Co-founded in 2018 by Shashank Jain and Neha Jain, Ritualistic is a home décor brand rooted in Indian culture and traditions. From handcrafted wall plates to spiritual essentials, the brand offers a diverse range of products designed to elevate spaces and celebrate heritage. The Gurugram-based company offers a unique product range that includes wall plates, cultural décor, and ritual essentials. The brand aims to preserve Indian heritage while catering to the tastes of today’s consumers. Ritualistic aspires to celebrate Indian traditions through unique and meaningful products. The company plans to reach more homes and hearts and inspire people to rediscover the beauty of Indian craftsmanship. Ritualistic claims that it has already carved a niche in selling premium and unique home décor products. In a few years, the brand boasts a loyal customer base across over 250 major cities in India and several other countries. Ritualistic plans to explore collaborations with temples, museums, and cultural organizations to deepen its reach.

Wooden Street raises $43 Mn in Series C round from Premji Invest

EntrackrEntrackr · 7m ago
Wooden Street raises $43 Mn in Series C round from Premji Invest
Medial

Wooden Street, a furniture and home decor brand, has raised Rs 354 crore (approximately $43 million) in its Series C round from Premji Invest. Before this, the company had raised $30 million led by Westbridge in April 2022 and the latest round takes the total funding to $78 million to date. According to the company’s co-founder Dinesh Pratap Singh, the proceeds will be used to fuel business expansion, scale retail footprint by opening new stores in tier-II and tier-III cities and enhancing the omni-channel presence. Besides funding, Premji Invest will support Wooden Street with strategic insights to help scale its operations. Founded in 2015, Wooden Street operates on a company-owned, company-operated (COCO) model and boasts a network of more than 100 experience stores nationwide. Operating across both online and offline channels, the company has 102 experience stores, over 20 warehouses, and a 15 lakh sq ft manufacturing facility spread across India. For the fiscal year ending in March 2024, Wooden Street reported more than Rs 260 crore in revenue while its losses stood at only Rs 10.9 crore.

Foodtech startup Mealawe raises $1 Mn in new round

EntrackrEntrackr · 5m ago
Foodtech startup Mealawe raises $1 Mn in new round
Medial

Foodtech startup Mealawe has raised $1 million in funding from a mix of Foreign Direct Investment (FDI), a network of Shark Tank founders, and angel investors associated with companies such as Goldman Sachs and Oracle. The new capital will be used to scale operations by expanding women-led kitchens, strengthening corporate cafeteria solutions, and deepening partnerships for organic ingredient sourcing. Founded by Rupesh Kumar, along with co-founders Pratap Haldar and Nikhil Jain, Mealawe began as a platform connecting home chefs with customers, providing nutritious, homemade-style meals. As it scales, Mealawe is integrating home chefs and women from the workforce into a structured kitchen model, creating economic opportunities while maintaining the essence of homemade food. To ensure high-quality, nutritious meals, Mealawe directly sources organic kitchen essentials such as bilona ghee, wood-pressed oils, and organic masalas by partnering with farmers, ensuring both better food quality and sustainable agricultural practices. Beyond meal delivery, Mealawe has developed a corporate cafeteria management platform that allows businesses to provide high-quality meals without operational complexities. For smaller companies that lack physical cafeteria spaces, Mealawe offers a virtual cafeteria solution, ensuring seamless meal access for employees. Since its launch in October 2022, Mealawe claims to have grown rapidly, delivering over 30,000 meals monthly. Currently operational in Pune, Bengaluru, Mumbai, and Kota, Mealawe is steadily building a nationwide presence. The firm plans expansion into 14 cities over the next 10-12 months, with a target of delivering 1 million meals per month.

Optimized Electrotech raises $6 Mn in Series A round

EntrackrEntrackr · 3m ago
Optimized Electrotech raises $6 Mn in Series A round
Medial

Optimized Electrotech raises $6 Mn in Series A round. Deep-tech company Optimized Electrotech, specializing in imaging surveillance technology, has bagged $6 million in a Series A funding round co-led by Blume Ventures and Mela Ventures. The round also witnessed participation from 9Unicorns and existing investors, including Rajiv Dadlani Group and Venture Catalysts. The company had previously raised $4.5 million from its existing investors. The proceeds will be used to develop next-gen AI imaging payloads, high-speed space-based surveillance solutions, and to penetrate global markets, Optimized Electrotech said in a press release. Founded in 2017 and led by promoters Sandeep Shah and Dharin Shah, Optimized Electrotech aims to empower AI-driven imaging solutions for ISR and critical strategic applications. The company develops cutting-edge electro-optic systems, spanning the electromagnetic spectrum, enhancing defense, space, border security, and aerospace operations. By integrating onboard analytics, its advanced surveillance solutions provide real-time intelligence, strengthening situational awareness in high-stakes environments. Optimized Electrotech focuses on innovation, indigenous technology development, and strategic surveillance solutions. Its solutions facilitate governments, defense services, paramilitary forces, mining corporations, civic bodies, and large corporations to respond to unauthorized drone attacks swiftly. “Driven by strong government policies and an increasing focus on indigenous capabilities, it’s important to build critical mass within this window of opportunity. This funding round is a testament to the confidence our investors have in our vision. We are committed to leveraging this capital to further enhance our technological capabilities, expand our footprint, and contribute meaningfully to India’s strategic and security objectives,” said Sandeep Shah, founder & MD of Optimized Electrotech. It competes with other notable companies such as Tonbo and Tata Advance Systems Ltd.

FirstCry raises $227 Mn from anchor investors ahead of IPO

EntrackrEntrackr · 11m ago
FirstCry raises $227 Mn from anchor investors ahead of IPO
Medial

BrainBees Solutions Limited, the parent company of FirstCry, has offered Rs 1,886 crore (approximately $227 million) worth of shares to 71 anchor investors as part of its initial public offering. The board at FirstCry has passed a resolution to offer 4,05,55,428 equity shares at an issue price of Rs 465 each (upper-band) to its anchor investors, its regulatory filing accessed from the Bombay Stock Exchange shows. SBI, Fidelity, Goldman Sachs, ICICI, HDFC, Kotak, Bajaj Allianz, Steadview, Morgan Stanley, and Max Life are some key anchor investors in Firstcry’s IPO. FirstCry will initiate its public offering from August 6 to August 8 with a price band of Rs 440-465 with a minimum bid quantity of 32 shares. Before the anchor investment round, SoftBank was the largest shareholder in FirstCry with a 25.53% stake followed by Mahindra & Mahindra and Premji Invest which hold 10.97% and 10.36% respectively. The company’s founder Supam Maheshwari has 6% of the share capital while the entire ESOP pool forms 8.4% of the cap table. FirstCry demonstrated decent growth during the last fiscal year. Its operating revenue increased by 15% to Rs 6,481 crore while the Pune-based firm managed to control its losses by 34% to Rs 321 crore in FY24 with an improved EBITDA margin. As per the company’s DRHP, it had 1,018 offline stores across the country out of which 632 were franchise-owned while remaining owned by the company until the end of the last calendar year (2023).

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