Indian women’s legwear brand Go Colors has bagged its fresh infusion of external funding from ICICI Venture, the investment arm of ICICI Bank. The brand’s parent Go Fashion India Pvt. Ltd. and ICICI Venture have executed a definitive agreement, wherein, the latter will invest Rs. 100 crores to support the brand’s further development.
This investment is ICICI Venture’s first retail apparel investment in the past decade, notably.
ICICI Venture Managing Director & CEO Prashant Purker underscored that Go Colors operates in a highly unorganised high growth market of women’s legwear with increasing consumer preference for organised retail and secular movement towards branded offerings in this evolving category.
“We believe that with good tailwinds and first mover advantage in this category, Go Colors is well-positioned to scale up its business and capture the market growth,” he averred.
Go Colors, founded in 2011 by Gautam Saraogi and Prakash Saraogi, enjoys a significant nationwide presence with a network of more than 200 exclusive branded outlets and presence in over 500 large-format stores. Additionally, the brand also retails on leading online marketplaces besides its own online store.
As per estimates, the Indian bottomwear market is expected to grow at 20 to 25 per cent per annum. And Go Colors is looking to capture the massive market potential by ramping up its store expansion and fortify its market positioning through this investment of Rs. 100 crores.
Speaking on the development, Go Fashion CEO Gautam Saraogi stated, “Go Colors today is a prominent brand in the women’s legwear segment with increasing popularity amongst its target consumer base. With two respected partners – ICICI Venture and Sequoia India – we are poised to achieve our vision of becoming the brand of choice for women’s legwear in India.”
He further added that the company is also aggressively implementing technology to enhance its customer experience and take the brand to its next level of growth.
Based out of Chennai, Go Colors embodies the founders’ unique vision to create a women-focused legwear brand offering a wide range of high-quality products with very high levels of comfort, durability and fit, across categories like churidars, leggings, jeggings, denim and linen legwear products. Over time, the brand has become a market leader in India’s women’s legwear market, with over 30 different product styles.
Markedly, the company promoters have two decades of experience in the apparel industry as one of the leading exporters.