Go Colors’ parent company, Go Fashion, is set to witness significant turmoil in its shareholding as venture capital firm Sequoia Capital plans to sell its 10.18% stake. The deal, worth approximately INR 624 crores, will see Sequoia Capital sell the shares at INR 1135 per share, which is a discount of nearly 5% compared to the current market price. The move comes as Sequoia Capital divides its business into three segments, with India and Southeast Asia being part of the newly-formed Peak XV Partners. The company will manage 13 funds worth $920 million and use $250 million of Sequoia’s capital to invest in startups.
Go Fashion has been performing well, with its net profit increasing by 20% to INR 15 crores in the January-March 2023 quarter. Its total revenue also grew by 34% to INR 160 crores in the same period. However, Sequoia Capital’s decision to sell its stake in the company could affect its future growth prospects.
Key Takeaways:
– Sequoia Capital plans to sell its 10.18% stake in Go Fashion, the parent company of Go Colors, for INR 1135 per share.
– The deal is worth approximately INR 624 crores and represents a discount of nearly 5% compared to the current market price.
– Sequoia Capital is dividing its business into three segments, with India and Southeast Asia being part of newly-formed Peak XV Partners.
– Go Fashion’s net profit increased by 20% to INR 15 crores in the January-March 2023 quarter, while its total revenue grew by 34% to INR 160 crores in the same period.
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