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Private Equity | 14 August 2013

Jai Banerjee Led Sconto Retail May Raise Funds From Exhilway

by Pranali Shah
Jai Banerjee Led Sconto Retail May Raise Funds From Exhilway
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Jai Banerjee’s Sconto Retail Private Limited is in talks to raise fund from Exhilway PE fund. The talks are reportedly on an advanced stage and Crescenthum Business Partners is the sole advisor to this transaction.

Jai Banerjee is foraying into the retail space with his own venture called Sconto Retail Private Limited. Sconto will initiate its business operations from the north east region of India, primarily from the Kolkata, Guwahati and Assam.

The retail venture will deal into several consumer goods with a logical product mix comprising of affordable and luxury goods. The first store will be opened in the month of December and will target young shoppers of India.

The e-commerce version of the venture is also on cards and is being analysed by the management. Sconto aims to open 10 stores by the end of 2014. It wishes to touch a market cap of R1,000 Cr by 2017.

The young generation of India now possess larger allocation of money for buying products of their choice. Sconto will add value to the Indian retail by providing a new shopping experience to the consumer.

The domestic retail market is poised to touch $1.3 trillion by 2020 and the industry has the responsibility to provide quality goods and services at affordable prices. The Indian FMCG industry is growing at 11% annually. The current retail market size is $500 Bn.

Last week, the government relaxed FDI norms in multi-brand retail. It diluted mandatory 30% local sourcing norms for multi-brand retailers.

Asia will rebound to account for more than half of the luxury goods market within a decade, driven by rapid growth in household incomes, according to the Economist Intelligence Unit.

In this sector, recently, mid-sized apparel makers were looking towards PE players for funding for PAN India expansion. Also, Wildcraft, an outdoor gear retail chain was planning to raise funds from PE firms by diluting minority stake to fund its expansion plans.


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