Indya raises Rs 50 crore from Sangita Jindal and others
High Street Essentials, the makers of fashion brand Indya, on Monday announced a Rs 50-crore fund-raise from JSW Group chairman Sajjan Jindal's wife, Sangita Jindal, and other investors.
Three-fourths of the funding is equity infusion for a minority stake, while the rest is debt, Indya's co-founder Shivani Poddar said. Other investors who have participated include family offices of SRF Group, Krishna Bodanapu of Cyient Technologies and Timmy Sarna from Pure Home + Living.
Poddar said, while there are a lot of opportunities to benefit from the industrial or capital goods-focused JSW Group's businesses, the immediate driver is the synergies that are made possible courtesy the work done with village artisans by Sangita Jindal-headed JSW Foundation. Anurag Murali, also a co-founder of the company, said Indya can benefit from JSW's expertise in celebrity-led marketing and supply chain management in the future. It can be noted that a majority of big conglomerates have investments in fashion brands but nearly all such groups have retail ventures.
The 2012-founded Indya, which delivered operational profit in April this year, will be utilising the newly raised funds for business expansion, and plans to invest up to $3 million in FY25, which will include opening ten offline stores in the country, Murali said.
At present, it has 12 exclusive brand outlets in eight cities, and 150 large-format retail outlets, including Lifestyle, Shoppers Stop, Centro and Ethnicity. Having been active in selling its wares online in the US, the brand is also aiming to open a physical presence either in the US or South Africa in FY25, he added. In a statement, Sangita Jindal said along with the global expansion, the investment will also help the brand widen its market share in the Indian wedding-wear opportunity.
The company's core strength is in its unique designs, she said, appreciating the back-end capabilities created by the founders.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
05:01 PM IST