Spykar Lifestyles, India's No.1 U:th Fashion Brand, announced its PE Funding in Mumbai, with Avigo Capital Partners. Avigo Capital Partners has invested INR 21 Crore (INR 210 Million) in Spykar; with the final percentage stake would be worked out on the milestone based method in 2009. The stake is likely to be in the region of 10 – 15%. This is the first PE funding that Spykar Lifestyles has had.
Commenting on the PE funding Mr. Prasad Pabrekar, Chairman & Managing Director, Spykar Lifestyles stated “Spykar has sustained growth of over 60% pa, compounded purely on own resources throughout the last 4 years. Spykar is looking at an exciting growth of about 100% compounded annually for next few years and would cross 500 crores mark in short time span of about 36 months."
"To sustain this growth infusion of capital is must. We are pleased to have Avigo Capital Partners invest in Spykar purely because they are valued and respected as matured Private Equity player with right approach and world connectivity. Spykar's turnover of about 90 Crores in 06-07 will take quantum jumps to Rs.160 Crores in 07-08 and Rs.330 Crores in 08-09 followed by Rs.500 Crores in 09-10."
"The funds mobilized through this private equity stake are sufficient for Spykar Lifestyles to finance projected growth for next 3 years. However, in case the targets are surpassed second round of infusion is not ruled out. Further Spykar has will plan towards its IPO by Sept, 2009. The details ofissue will be worked out by March, 2009.”
marketing@alchempro.com
