Indian Clothing League, the Chandigarh-based kidswear firm that owns 612 Ivy League and Baby League brands, has received Rs. 500 million funding from ASK Pravi PE Opportunities Fund, a mid-market private equity fund.
The funding will enable the kidswear company to increase its manufacturing capacity and expand its retail footprint.
At present, the company retails its 612 Ivy League and Baby League brands through online ecommerce sites like Jabong and Flipkart, as well as through mutli-brand outlets like Shoppers Stop, Central and Reliance Retail.
ASK Pravi PE Opportunities Fund is a nine-year Rs. 3 billion fund launched in 2012 to invest in four sectors, viz. consumer products, consumer services, healthcare and education. The fund focuses on unlisted companies and last August it invested in Hyderabad-based OMNI Hospitals.
With the investment, ASK Pravi would get a significant minority stake in Indian Clothing League, where Jayanta Banerjee and Anand Vyas, managing partners of ASK Pravi Capital Advisors, will join the board of directors.
Indian Clothing League has a pan-India network of more than 275 sale points spread over 80 towns and cities.