The Delhi-based company’s Kidswear retail chain Catmoss Retail has offloaded a minority stake to private equity firm SAIF partners, for a consideration of Rs 100 crore.
“The capital raised from this deal will be used to fund expansion plans, including opening of 150 new stores by 2012 and a production unit in Noida,” Mr Ashwani Chawla, Chairman and Managing Director, Catmoss Retail, told Business Line.
Catmoss now has 170 exclusive stores and125 shop-in-shops pan India with every major retailer such as Lifestyle, Shopper's Stop, Globus, Reliance, Central, and Ritu Wear's, and is present in 300 multi-brand stores with expansion plans in the metros. It is also looking at Tier-II and Tier-III cities as well.
Catmoss has an existing facility in Delhi that manufactures 6,000 pieces a day and plan to manufacture 15000 in Noida unit.
With this deal to offload stake to SAIF Partners, the total valuation of the firm is at around Rs 500 crore.