Tuesday, November 29, 2022
Outlook.com
Outlook India
Outlook Business
+

ICICI Venture Invests Rs 360 Crore In Cello World

Set up in 1988, ICICI Venture has a total private equity assets under management of $1.65 billion across four funds

ICICI Venture Invests Rs 360 Crore In Cello World
Freepik
POSTED ON November 18, 2022 3:00 PM

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 fundsIndia 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. 

  • Related Articles

    With this acquisition, Medi Assist can provide customised corporate plans to its corporate clientele based on their employees health benefits

    Medi Assist Acquires Majority Stake In UK-Based Mayfair We Care

    To date, the carmaker has engaged with 54 start-ups, enabled 27 Proofs-of-Concept and onboarded 10 start-ups as its business partners

    Maruti Suzuki, IIT Bombay Partner To Drive Innovation Programs For Start-Ups

    Yu calls itself a Make in India start-up that wants to take a preservative-free approach to instant meals to different parts of India and expand in foreign territories

    Instant, Delicious, Sustainable, How Yu Founders Want To Redefine Ready-To-Eat Meals Market