- ByStartupStory | November 19, 2022
cello world received an investment of $44.3 million from Company ICICI, the alternative investment division of ICICI Bank. According to the company’s announcement, this is the first investment from ICCI Venture Partners’ fifth private equity (PE) fund.
“Cello World has demonstrated industry-leading growth and profitability characteristics. The organized section of the industry will experience further acceleration in the coming years with branding and premiumization gaining momentum. At ICICI Venture, Gagandeep Singh, Senior Director of Private Equity, said.
Cello World Chairman and Managing Director (MD), Pradeep Rathod, seemed confident that the company would continue its current growth and profitability trajectory. “We look forward to benefiting from ICICI Venture’s extensive managerial expertise as we expand our presence across products and geographies,” he said.
ICICI Venture Managing Director and CEO Puneet Nanda told VCCircle that the company is looking to raise $350-400 million for its fifth private equity fund, which has already raised $325 million since its inception.
ICICI Venture, founded in 1988, manages $1.65 billion in private equity assets across four funds: India Advantage Funds (IAF) 1, 2, 3 and 4. IAF 4 completed its funding round in September 2017 with $250 million (Rs 1,900 crore).
The main company of the Cello Group, which produces household goods for consumers in the categories of steel, plastic, glass and opal, is called Cello World. For $160 million in 2008, French stationery company BIC Group bought a 40% stake in Cello Group.
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