SAIF India backs watch components supplier KDDL
SAIF Partners India has invested INR300 million ($4.7 million) in KDDL, an Indian manufacturer of watch components.
According to an exchange filing, SAIF will subscribe to just over one million shares at INR297.5 apiece, giving it a 10% stake in the business.
Chandigarh-based KDDL was founded in 1981 as Kamla Dials and Devices. The company makes a variety of watch components, included including dials and hands. The company has the capacity of produce more than 30 million watch hands each year and has global clients in Switzerland and Hong Kong.
In 2007, KDDL expanded into Europe with the acquisition of Swiss firm Jacques Boegli for INR31 million. The company raised capital last December when Sixth Sense Ventures backed its luxury watch retail subsidiary Ethos. Ethos has 44 stores across India and is an an authorized retailer for around 50 global luxury watch brands.
KDDL, which draws bulk of its revenue from Ethos, reported revenue of INR1.26 billion for the financial year ended March 2015, versus INR1.15 billion the previous 12 months. Net profit fell to INR65.1 million from INR99 million in 2014.
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