ICICI Venture, the private equity hand of India’s leading private lender ICICI Bank, has agreed to purchase around 14% stake for $15.67 million (Rs 100 crore) in Chennai based GO Fashion India, the company that provides cotton fabric legwear products for women and girls under the brand Go Colours.
The agreement marks the fifth such investment by the ICICI Venture. The private equity arm will make the investment from its fourth private equity fund –India Advantage Series 4.
Earlier, in April 2016, the new sector agnostic fund of ICICI Venture had raised $190 million to mark the first close. The fund had made the final close at a staggering amount of $350 million in September 2017.
“Go Colours operates in a highly unorganised market of women’s legwear with increasing consumer preference for organised retail and secular movement towards branded offerings. With a first-mover advantage in this category, Go Colours is well positioned to scale up its business,” said Prashant Purker, Managing Director & CEO of ICICI Venture.
Go Fashion India, which was incorporated in 2010, has a pan-India network of more than 200 extensive ranges of outlet and presence in over 500 large format stores. “With two respected partners –ICICI Venture and Sequoia India –we are poised to achieve our vision of becoming the brand of choice for women’s legwear in India. We are also implementing technology to enhance our customer experience and take the brand to its next level of growth,” said Gautam Saraogi, chief executive officer at Go Fashion.