TIW Capital Group’s TIW India Buyout Fund has invested Rs 30 crore (around $4 million) in Huechem Textiles Private Limited (HTPL), to which the brand Chromozome belongs, the company said in a statement.
“With the funding from TIW, Huechem’s growth focus will be through line extension in product categories, building new channels and expansion into new geographies,” said Vineet Mehra, Director of Huechem.
TIW India Buyout Fund said it has acquired a ‘significant stake’ in the company, without specifying how much. TIW said it will partner with Huechem on growth strategies and bring operating efficiencies, and help Huechem scale further, the statement said.
Founded by Vipan Mehra and Vineet Mehra, the company manufactures, distributes, and markets men’s everyday wear products under the brand Chromozome. Other companies that have similar products include Page Industries, Dollar Industries, Lux Industries and Rupa & Co.
In the statement, the company said it is focused on the mid-level and premium segments of the industry, which it believes will account for 46% of the men’s innerwear market.
“We are very excited to partner with Huechem in its journey towards steady growth in the online space. The industry is expected to grow in double digits, with online channels leading to new adoption, which is the platform that the company intends to focus on,” said Mohit Ralhan, Managing Partner and Chief Investment Officer of TIW Capital Group.
TIW invests across numerous sectors including FMCG, media, education, digital platforms, financial services, real estate and manufacturing, the statement said.
Early this year, TIW Private Equity invested nearly $6 million (Rs 43 crore) in Scentials Beauty Care and Wellness Pvt. Ltd.
In September 2019, it acquired a majority stake in Digital Refresh Networks Pvt. Ltd for $6 million.