ICICI Venture Funds Management and Kotak SEAF India Fund have together invested over Rs 120 crore ($26.6 million) in Home Solutions Retail, a wholly-owned subsidiary of Pantaloon Retail. ICICI Venture will pick up about 15 per cent stake in Home Solutions, while Kotak SEAF will take a 6 per cent stake in the company. Pantaloon promoters have also invested in Home Solutions through warrants.

ICICI Venture has invested through India Advantage Fund Series II, a $810 million fund. Kotak SEAF is a Rs 400 crore private equity fund formed by a JV between Kotak Mahindra and SEAF Management LLC, US, in 2004.

Home Solutions is a multiple format retail chain owned by Pantaloon. They plan to expand its number of stores across the country under its five retail brands. For instance, E-zone plans to increase from the current five stores to 20 stores by ’07. Electronics Bazaar wants to grow from the current 35 stores to 66 stores. Collection I will increase from five stores to 12. Furniture Bazaar will see growth from 34 stores to 62 stores. Home Town, a large format retail outlet which sells home furnishings, furniture, consumer durables and appliances, building materials and home services, will open its first store in December. It will have five stores by 2007.

Read - ICICI Venture to invest Rs 120 cr in Pantaloon’s Home Solutions

Posted on 10/30/06, 1:07 PM
in: Deals, Main Page, Private Equity
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