ICICI venture to invest ₹100 crore in go fashion for 14% stake

MUMBAI: ICICI Venture, the private equity arm of top private lender ICICI Bank, has agreed to purchase around 14% stake for ₹100 crore in Chennai based Go Fashion India, the company that owns popular women’s bottom wear brand Go Colors, in what could be its first apparel retail investment in a decade, both the companies said on Thursday.

Though both the companies did not disclose the valuations and other terms of the deal, sources have told ET that ICICI Venture investment will value the Southbased apparel maker at around ₹725 crore. Investment bank Spark Capital was the exclusive advisor to the deal.

The proceeds of the transaction is expected to be used for its pan-India expansion, the company said. ET first reported about this potential transaction in its edition of January 10.