Clothing firm Go Colors will raise USD 25 million (about Rs 165 crore) early next year to support its aggressive growth and expansion plans.
"We will be initiating our Series B fund raising round of USD 25 million early next year. For the financial year 2015-16, we are on track to achieve a Rs 100 crore turnover and by financial year 2016-17 we would be clocking Rs 200 crore," Go Colors co-founder and Deputy Managing Director Gautam Saraogi told PTI.
Earlier this year, Go Colors had raised USD 10 million from Sequoia Capital to grow the brand.
The company, which is also looking at doubling its retail network by 2016-17, will invest Rs 30 crore over the next 6-9 months on footprint expansion.
"We are looking at aggressively increasing our footprint to double it across formats. We will be investing around Rs 30 crore over the next 6-9 months to achieve the set objective.
"We plan to double our exclusive brand outlets to over 700 stores and 100 towns by the financial year 2016-17 from 340 stores, spread across 60 cities. On the Multi Brand Outlet (MBO) front, we are placed in over 1,500 stores in 50 plus cities. We plan to double this to 3,000 stores by 2016-17," he added.
Go Colors Product portfolio is focused on women and kids legwear.
