Indya and FabAlley parent HSE secures ₹50 crore round led by JSW Foundation
₹50 crore in a mix of equity and debt to expand its presence in India's wedding and occasion-wear market. The funding was led by Sangita Jindal, chairperson, JSW Foundation.
The round also saw the participation of family offices of SRF Group, Krishna Bodanapu of Cyient Technologies and Timmy Sarna from Pure Home + Living. While 75% of the capital was raised through equity, the remaining 25% was via debt.
Lighthouse Canton advised Indya on this fundraise.In May 2022, the retailer had raised ₹40 crore in a combination of equity and debt from Stride Ventures. The fundraising marked HSE's entry into the premium occasion and wedding-wear market.
The capital infusion will enable Indya to expand its premium occasion-wear range "Weddings By Indya". Jindal’s investment in Indya indicates JSW Group’s increasing focus on the fashion industry.
The Indya investment follows Sangita Jindal-led JSW Foundation’s long-term collaboration with Jade By Monica and Karishma for the Grassroot Artisans Project (GAP).“When we closed the 2022 round the idea was to build a large presence in the wedding-wear market in the mid-to-premium segment. So, we have added a lot on the product and distribution side through our own stand-alone stores and through international expansion largely in the US and some parts of Malaysia, UK and Canada," said Shivani Poddar, co-founder, HSE."The idea for this round is to say that now that we've become a fairly large player in the overall occasion and wedding-wear segment, and considering the market opportunity and how fragmented it is, how do we partner JSW and other family offices to build the largest wedding-wear brand in the country," she added.HSE was founded in 2012, and is backed by Elevation Capital, India
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