SIDBI Venture Capital is investing $5-$6 million (Rs 22 crore) into Bangalore-based small appliances maker Stovekraft to pick up 12.5% stake in the company. Stoverkraft, makers of Pigeon and Gilma brands, intend to deploy these funds in expanding its retail presence in South and West. The company is also looking at increasing its product portfolio and enhancing its manufacturing capacity.
Bangalore-based Kalozal Consultants advised StoverKraft on the deal. Earlier, UTI ventures and other private equity players had shown interest in investing in the company. Currently, the company has around 26 stores across Southern markets, but aims to increase its retail presence to around 200 stores across markets in South, Maharashtra and Gujarat.
Read more in The Economic Times article.
No comments:
Post a Comment