Saturday, September 23, 2006

ColorPlus co-founder starts new venture

The Economic Times reports:

Kailash Bhatia, one of the co-founders of one of India’s most successful apparel brand Color Plus, has brought out a new venture code named Clothes & More with the backing of a US based venture capital fund. He had earlier sold all of his stock to Raymond a few years ago. According to reports, the new venture plans to raise an estimated Rs. 80-100 crore, although the amount is yet to be confirmed.

Incidentally, this will be the second venture capital backed start up in the branded apparel industry. The first VC backed deal was when Sriram Srinavasan and other top executives from Madura Garments floated Indus League in 1999, with the backing of Draper International and later on by ICICI Ventures and currently owned by Pantaloon.

No comments: