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WestBridge commits $12m to India's Relaxo

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WestBridge Capital Partners has invested INR790 million ($12 million) in listed Indian footwear maker Relaxo Footwears.

The GP bought about 1.9 million shares at INR424.89 apiece, according to market data, giving it a 1.6% stake. WestBridge made the purchase through its wholly-owned subsidiary Jwalamukhi Investment Holdings.

Relaxo, founded in 1976, produces a variety of shoes and sandals under several popular brands, including Hawaii Slippers, women-focused Flite, sports-oriented Sparx, and children's brand Schoolmate. The company's products are manufactured in 10 factories in northern India. In its most recent annual report, Relaxo recorded revenue of INR14.8 billion for the year ended March 2015, up from INR12.1 billion. Net profit rose over the same period from INR960 million to INR1.4 billion.

WestBridge invests through the WestBridge Crossover Fund, a PIPE-focused evergreen vehicle without a specific investment timeline. The fund currently has about $2 billion in assets under management, having raised another $575 million in October 2015.

Other investments via Jwalamukhi include a 2015 commitment of about $20 million to tire manufacturer CEAT and a INR645 million investment in snack food manufacturer DFM Foods in 2014.

 

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