Indya Raises Rs 50 Cr From Sangita Jindal, Others
By Rediff Money Desk, Mumbai May 27, 2024 11:19
Indya, the fashion brand, has raised Rs 50 crore from Sangita Jindal, wife of JSW Group chairman Sajjan Jindal, and other investors. The funds will be used for business expansion and global expansion.
Mumbai, May 27 (PTI) High Street Essentials, the makers of fashion brand Indya, on Monday announced a Rs 50-crore fundraise 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 USD 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.
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 USD 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.
Source: PTI
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