Mumbai-based private investment firm Alpha Capital has invested Rs 80 crore ($11.5 million) in women’s ethnic and casual wear label Shree.
SHR Lifestyles Pvt. Ltd, the company that markets Shree, said in a statement on Wednesday it will deploy the money to expand its reach in existing markets and enter new regions. In particular, it is looking to expand in southern India.
Founded in 2009, SHR Lifestyle largely operates through its stores in north India with a few outlets in Madhya Pradesh, Rajasthan, Gujarat and Maharashtra. It also sells online.
The company is run by the husband-wife duo Sandeep and Sheetal Kapoor. It reported net sales of Rs 92.6 crore for the year through March 2018 and posted a net profit of Rs 12.7 crore, according to VCCEdge, the data research arm of Mosaic Digital.
For Alpha Capital, this is the second known deal in 2019, after it reinvested in existing portfolio company InCred.
Alpha Capital was founded by Vishal Ootam and Vivek Anand. The firm is backed by Sat Pal Khattar of Singapore's Khattar Wong group, Darshan Patel of Vini Cosmetics, former Infosys finance chief TV Mohandas Pai and Manipal Group CEO Ranjan Pai.
In the past, women’s apparel brands Biba (Warburg Pincus and Faering Capital), AND (General Atlantic) and W (TA Associates), among others, have raised private equity funding.
*This article has been modified to update the revenue and profit figures for SHR Lifestyles.