India's Varkeys seeks PE deal
Varkeys Retail Ventures Pvt. Ltd., the banner group of Indian chains Varkeys Bakery and Supermarket and V-Mart, is looking to raise funds to both decrease debt and finance future expansion, and may reportedly offload a 25% stake in the company to private equity investors in order to achieve its target.
Local reports, citing Varkeys' MD Toby Alapatt, confirmed the company's plans, but did not disclose the definitive amount Varkeys is looking to garner. The announcement comes three years after the company first approached PE firms for funding. At the time, Varkeys reportedly sought INR60 crore ($12.7 million) investment from IDFC Private Equity, and planned to dilute a 20-25% stake – but unsuccessfully. Reports suggest that a similar target has been set for its current fundraising process.
The chain has 59 stores across the state of Kerala and recently underwent a period of expansion, from which it accrued debt that is expected to be paid back following its fundraising, reports note. Varkeys' reported turnover is as much as INR180 crore ($38.2 million).
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