ICICI Ventures invests Rs 1 bn in women's legwear brand Go Colors

According to estimates, the bottom-wear market is expected to grow at 20-25% per annum

ICICI Ventures on Thursday announced that it has executed definitive agreements to invest Rs 1 billion in Go Fashion India Private Limited, the company that owns popular women’s bottom-wear brand, Go Colors. 

This marks the fifth investment from ICICI Venture’s fourth PE fund, India Advantage Fund Series 4. This investment is ICICI Venture’s first retail apparel investment in the past decade. The venture has over $4.25 billion worth of investments spread across four business verticals.

Prashant Purker, Managing Director & CEO of ICICI Venture said, “Go Colors operates in a highly unorganised high growth market of women’s legwear with increasing consumer preference for organised retail and secular movement towards branded offerings in this evolving category. We believe that with good tailwinds and first mover advantage in this category, Go Colors is well positioned to scale up its business and capture the market growth.” 

Chennai based Go Colors was founded in 2011 by Mr Gautam Saraogi & Mr Prakash Saraogi to create women focused legwear brand offering a wide range of high-quality products across categories like Churidars, Leggings, Jeggings, denim and linen legwear products. 

Go Colors claims to be the leading women legwear brand in India and has a significant countrywide presence with a network of more than 200 Exclusive Branded Outlets and presence in over 500 large format stores. The promoters of the company have two decades of experience in the apparel industry as one of the leading exporters.

According to estimates, the bottom-wear market is expected to grow at 20-25 per cent per annum.

"With two respected partners — ICICI Venture and Sequoia India — we are poised to achieve our vision of becoming the brand of choice for women’s legwear in India. We are also aggressively implementing technology to enhance our customer experience and take the brand to its next level of growth,” said Gautam Saraogi, CEO at Go Fashion Pvt Ltd Sequioa Capital invested around Rs 600 million in the company back in 2014.

ICICI Venture is partnering with Go Colors to capture the huge market potential by ramping up the store expansion and build a successful women legwear brand, said the investment company.