ICICI Venture, the private equity arm of India’s largest private-sector lender ICICI Bank, is set to invest Rs 100 crore ($15.67 million) in Chennai-based Go Fashion India Pvt. Ltd for a minority stake.
Go Fashion India sells legwear for women under the brand Go Colors. ICICI Venture will make the investment from its fourth private equity fund India Advantage Fund Series 4.
This marks the fifth investment by the new sector agnostic fund of ICICI Venture.
ICICI Venture is partnering with Go Colors to capture the huge market potential by ramping up store expansion and build a successful women legwear brand.
Prashant Purker, managing director and chief executive officer of ICICI Venture said “Go Colors 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 Colors is well positioned to scale up its business”.
Gautam Saraogi, chief executive officer at Go Fashion said “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”.