The Indian wing of the US-based venture capital (VC) Sequoia Capital is all set to sell its entire 10.18 per cent stake in Go Fashion (India) in block deals on Monday. According to multiple media reports, the Indian arm owns stakes worth Rs 625 crore.
The sale will be conducted at a floor price of Rs 1,135 per share. JM Financial will be the broker for the transaction.
The development came a few days after the VC firm announced that it would split its US, China and Southeast Asia-focussed businesses into three distinct entities. In addition to this, the firm also announced the rebranding of Sequoia India & Southeast Asia as Peak XV. The rebranded business entity will now manage asset worth over $9.2 billion across 13 funds.
Advertisement
Prior to this, Sequoia sold a 3.7 per cent stake in the Chennai-headquartered fashion company in 2022 through its affiliate Sequoia Capital India Investments IV. The firm acquired a 30 per cent stake in the company in 2015.
Founded in 2010, Go Fashion India is owned by Gautam Saraogi. The firm recorded Rs 677 crore in March 2023 compared to Rs 422.11 crore in March 2022 and Rs 282.25 in March 2021. Its profit also increased to Rs 108.69 crore in the same period from Rs 47.88 crore in March 2022.
In November 2021, Go Fashion India listed itself in the Indian Stock Market. The price of its shares fell nearly five per cent this morning following the block deal.
Just one email a week