ICCI Venture, the alternative investment arm of ICICI Bank, announced that it has invested Rs 360 crore ($44.3 million) in Cello World. This is the first investment of the ICCI Venture Partners’ fifth private equity (PE) fund, the company said in the statement. 

“Cello World has demonstrated Industry leading growth and profitability characteristics. The organised section of the industry will see further acceleration in the coming years with branding and premiumisation gaining ground," Gagandeep Singh, senior director of private equity at ICICI Venture said. 

Pradeep Rathod, chairman and managing director (MD) at Cello World appeared confident about the company maintaining its growth and profitability trajectory. "We look forward to benefitting from the vast managerial expertise of ICICI Venture as we expand our presence across products and geographies," he stated.   

Puneet Nanda, MD and chief executive officer (CEO) of  ICICI Venture told VCCircle that the company is seeking to raise $350 million to $400 million for its fifth PE fund, which has raised $325 million since it was founded. 

Set up in 1988, ICICI Venture has $1.65 billion of private equity assets under management (AUM) across four funds—India Advantage  Fund (IAF) 1,2,3 and 4. In September 2017, IAF 4 closed its fundraising round at $250 million (Rs 1,900 crore). 

Cello World is the flagship company of the Cello Group, which manufactures consumer houseware products across steel, plastic, glass and opalware categories. French stationery maker BIC Group acquired a 40 per cent stake in Cello Group for $160 million in 2008.