Matrix Partners India has recently announced an investment of Rs 60 crore in TCNS Clothing Company Pvt Ltd as the sole investor in the first institutional round of funding. The company, promoted by O.S Pasricha and A.S Pasricha, manufactures and markets "W", the leading contemporary women’s wear brand in the country. At present, the brand is marketed by around 100 exclusive brand outlets in more than 40 cities and over 600 points of sale across all leading multi-brand outlets and large format stores.
“The women's apparel market is at an inflection point and W is well poised to capitalise on the opportunity. In Matrix we found a meeting of minds and ambition. W will benefit greatly from their market knowledge and the management expertise of the partners, especially Amit Kapoor who has joined our Board,” said OS Pasricha, Chairman, TCNS Clothing Company Pvt Ltd.
“The capital will be deployed for scaling up operations. There hasn’t been a better time for women’s wear market which is growing at an astounding rate. The working women population is on a rise, double income families are becoming common, Tier II and III towns fast catching up with the metro cities and the Indian woman consumer is showing an ever-increasing appetite for fashion products. This coupled with an enhanced platter of fashion brands and quality retail space is sure to explode consumption in this segment. We know it’s a big opportunity and are gearing up to make the most of it,” said Anant Daga, CEO, TCNS Clothing Company Pvt Ltd.
"Indian women’s wear market is large, unorganised and untapped. Being a leading women’s wear brand, W is well positioned to capitalise on this opportunity. They have an excellent management team with strong domain expertise, and their brand is backed by a creative design team and rigorous systems and processes. We are very excited about this partnership and look forward to a long term association with the company towards achieving greater successes,” said Amit Kapoor, Managing Director, Matrix India.