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2015-01-29

Sequoia eyes 30% stake in Chennai-based women apparel retailer Go Fashion

Sequoia\'s MDs VT Bharadwaj and GV Ravishankar are expected to join the board of the company, the sources said.

US-based venture capital firm Sequoia Capital is looking to acquire about 30 per cent stake in Chennai-based women apparel manufacturer and exporter Go Fashion for Rs 45-60 crore, according to media reports.

Go Fashion is involved in making bottomwears for women such as churidars, leggings and jeggings and retails its products under the brand Go Colors. The company has been promoted by Chennai's Saraogi family, which has been in the ready-made apparel market through its company Meridian Apparels.

Sequoia Capital declined to confirm any such development and emails sent to Gautam Saraogi did not elicit a response.

Sequoia's MDs VT Bharadwaj and GV Ravishankar are expected to join the board of the company, the sources cited earlier said.

Go Colors sells its products through its own stores and kiosks, besides retailing at multi-brand outlets. The firm reportedly more than doubled its sales to Rs 26 crore in 2013-14. The Silicon Valley venture capital firm has made several bets on women-focused apparel brands like Lovable Lingerie and Genesis Colors in the past.

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