ICICI Venture, the alternative investment arm of ICICI Bank, on Wednesday said it has invested $44 million (Rs 360 crore) in consumer houseware company Cello World.
Founded in 1967, Cello World is a Mumbai-based family-owned business manufacturing storage containers, water bottles, and tiffin boxes, with a presence across 30,000 retail outlets through more than 300 distributors.
This is ICICI Venture’s first investment from its fifth private equity fund. The fund has raised $325 million within a few months of its launch, mainly from existing investors – large sovereign wealth funds, insurance companies, banks, funds of funds, and family offices.
“Cello World has demonstrated industry-leading growth and profitability characteristics. The organised section of the industry will see further acceleration in the coming years with branding and premiumisation gaining ground,” said Gagandeep Singh, Senior Director, Private Equity, ICICI Venture.
Set up in 1988, ICICI Venture manages four PE funds with total assets under management (AUM) of $1.65 billion – India Advantage Fund (IAF) Series 1, 2,3 and 4. IAF-4 was closed at $250 million (around ₹1,900 crore) in September 2017.
Some of ICICI Venture’s investments from its previous funds include Bharat Biotech, Go Fashions India, Theobroma Foods, Epack Durable, and Home Solutions.