Tuesday, July 23, 2024

Indya Raises Rs 50 Crore Funding From Investors

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High Street Essentials, the company behind the fashion brand Indya, announced that it has raised Rs 50 crore in funding from Sangita Jindal, wife of JSW Group chairman Sajjan Jindal, and other investors. This funding will support Indya’s plans for expansion and growth.

Three-fourths of the Rs 50 crore raised is an equity infusion for a minority stake in Indya, while the remaining amount is debt, according to Indya’s co-founder Shivani Poddar. Other notable investors include the family offices of SRF Group, Krishna Bodanapu of Cyient Technologies, and Timmy Sarna from Pure Home + Living.

Poddar mentioned that while there are opportunities to benefit from JSW Group’s industrial and capital goods businesses, the immediate advantage comes from the synergies with the JSW Foundation, led by Sangita Jindal, which works with village artisans. Anurag Murali, another co-founder, noted that Indya can leverage JSW’s expertise in celebrity-led marketing and supply chain management.

Founded in 2012, Indya achieved operational profit in April this year. The newly raised funds will be used for business expansion, including the investment of up to USD 3 million in FY25. This expansion plan includes opening ten new offline stores in India. Currently, Indya operates 12 exclusive brand outlets in eight cities and has a presence in 150 large-format retail outlets like Lifestyle, Shoppers Stop, Centro, and Ethnicity.

Indya, already active in selling online in the US, plans to establish a physical presence either in the US or South Africa in FY25. Sangita Jindal stated that this investment will not only help with global expansion but also increase Indya’s market share in the Indian wedding-wear sector. She praised the founders for their unique designs and strong back-end capabilities.

Indya’s Rs 50 crore funding from Sangita Jindal and other investors marks a significant step in the brand’s growth journey. With plans to expand both domestically and internationally, Indya is set to enhance its market presence and continue offering unique fashion solutions.

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