Peak XV secures $76m exit from India's Go Fashion

The venture capital firm sold 54.9m shares – its entire 10.18% stake – for INR 1,136.10 apiece, according to stock exchange data. It follows a partial exit of INR 2.28bn in December 2022, taking the overall proceeds to approximately INR 8.5bn.

Go Fashion's stock closed down 4.8% on June 12 following the announcement of the sale. It ended June 14 on INR 1,111, giving the company a market capitalisation of around INR 60bn.

AVCJ Research’s records indicate that Peak XV acquired 30% of Go Fashion in 2015, paying around INR 600m from Sequoia Capital India IV, which closed on USD 530m and was later upsized to USD 850m. Three years later, ICICI Venture bought a 13.5% stake, from India Advantage Fund – Series IV, for INR 1bn.

Go Fashion listed in November 2021, raising INR 10.1bn. Peak XV and ICICI made partial exits, realising INR 5.17bn and INR 2.28bn, respectively.

The company is a dedicated women’s pants, skirts, and shorts brand. It claims that its range – of 50 styles in over 120 colours – “straddles the whole journey of a woman’s life.” There are more than 500 Go Fashion stores across 120 cities, including large-format outlets.

Revenue reached INR 4bn for the 12 months ended March 2022, up from INR 2.5bn a year earlier, during which business was severely impacted by COVID-19. Over the same period, Go Fashion swung from a net loss of INR 35.4m to a net profit of INR 356m.

Earlier this month, it was announced that Sequoia’s China and India-Southeast Asia operations would formally separate from the US entity. Last year, Sequoia India – now Peak XV – secured USD 2bn for India venture and growth funds and a further USD 850m for a Southeast Asia-only vehicle.

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• Topics
• South Asia
• Open market
• Consumer
• Sequoia Capital
• Peak XV Partners
• India