[ad_1]
Venture capital (VC) firm Sequoia Capital will sell up to 10.18 percent stake in Go Fashion, the parent unit of Indian apparel brand Go Colors, CNBC-TV18 reported.
Venture capital (VC) firm Sequoia Capital will sell up to 10.18 percent stake in Go Fashion, the parent unit of Indian apparel brand Go Colors, CNBC-TV18 reported.
It will be the floor price for the sale of shares. ₹1,135 per share, which represents a 5 percent decline from the previous closing price. The block agreement will be the total amount. ₹624 crore, the report added.
It will be the floor price for the sale of shares. ₹1,135 per share, which represents a 5 percent decline from the previous closing price. The block agreement will be the total amount. ₹624 crore, the report added.
Sign up to continue reading
According to shareholdings shared with BSE, Sequoia Capital through its India investment arm holds a total of 54,98,875 shares as of March 31, 2023, holding a 10.18 per cent stake in Goo Fashion. Sequoia India is currently the largest VC. firm in the country and boasts a portfolio of under $9 billion in assets under management.
Some of the key players in Sequoia’s India portfolio are food delivery giant Zomato, software platform Freshworks and hospitality chain Oyo.
The development comes days after the global VC firm announced on June 5 plans to spin off its US, China and India-Southeast Asia businesses into independent companies.
In this regard, Sequoia has announced that its China and India and Southeast Asia businesses will be fully independent partnerships and will be separate companies with different brands after March 31, 2024, according to a statement signed by the company’s managing partners at the China Roloff site, Neil Shen, head of India, and Shailendra Singh, head of India.
The company’s US and European business will be Sequoia Capital, he said. Sequoia’s move to end long-standing partnerships with local leaders in China, India and Southeast Asia comes amid macroeconomic and geopolitical challenges that have made fundraising difficult and impacted venture fund returns.
The Sequoia China business will retain its existing name in Chinese and adopt the name Hongshan in English. Sequoia India and South East Asia will be the partners of the Peak XV.
[ad_2]
Source link