Cello world receives Rs 360 crore from ICICI Venture

• ByStartupStory     |    November 19, 2022

Cello World has received an investment of $44.3 million from ICICI Venture, the alternative investment division of ICICI Bank. According to the company’s announcement, this is the first investment of ICCI Venture Partners’ fifth private equity (PE) fund.
“Cello World has demonstrated industry-leading growth and profitability characteristics. The organized section of the industry will see further acceleration in the coming years with branding and premiumization gaining ground.” At ICICI Venture, Gagandeep Singh, senior director of private equity, stated.
Cello World’s chairman and managing director (MD), Pradeep Rathod, seemed confident that the business will continue on its current growth and profitability trajectory. “We look forward to benefiting from the vast managerial expertise of ICICI Venture as we expand our presence across products and geographies,” he stated.

ICICI Venture’s MD and CEO, Puneet Nanda, told VCCircle that the company is looking to raise $350 million to $400 million for its fifth private equity fund, which has already raised $325 million since its founding.
ICICI Venture, founded in 1988, manages $1.65 billion in private equity assets across four funds: India Advantage Funds (IAF) 1, 2, 3, and 4. IAF 4 finished its financing round in September 2017 with $250 million (Rs 1,900 crore).
The main company of the Cello Group, which produces household goods for consumers in the steel, plastic, glass, and opalware categories, is called Cello World. For $160 million in 2008, the French stationery company BIC Group purchased a 40% share in Cello Group.

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