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Published
Jan 11, 2018
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ICICI Venture invests Rs 100 crore in Go Fashion

Published
Jan 11, 2018

Local private equity fund ICICI Venture will be acquiring minority stake in Go Fashion India Private Limited, the parent firm of brand Go Colors for a sum of Rs 100 crore (approx $15.7 million), the Economic Times reported citing anonymous sources.
 

Go Colors - Facebook


Go Fashion’s valuation has also gone up to Rs 725 crore (approx $114 million) in this deal and ICICI Venture Rs 100 crore investments will give it just 13.8 percent stake in Goa Fashion as compared to 33.33% stake acquired by another Private equity fund Sequoia Capital for just Rs 60 crore (approx $9.5 million).
 
“Valuation in the deal is a reflection of the growth seen in the next 3-5 years. There is a lot of headroom for growth. ICICI Venture sees a profitable exit in the future,” said one of the sources to ET.

Go Colors will be using the funds to expand its base in the Northern and Eastern markets in India to tap into the booming Rs 42000 crore women’s ethnic wear segment in India.
 
“Go Colors has a strong presence in Southern and Western India, and wants to increase its reach in the Northern and Eastern India through rapid expansion in the next two years. The company is aiming to double in size every 12-18 months for the next three-five years” said another source.
 
Go Colors currently has around 200 exclusive brand outlets and available in 550 large format stores and 2000 small non branded outlets across India. The company which offers ethnic legwear for women like leggings, jeggings, harems, palazzos, Patialas, denims, pants and churidars also has a strong online presence and is available on all leading e-commerce websites in India.

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