ICICI Venture Funds invests ₹360 crore in houseware brand Cello World
Cello Worldis a Mumbai-based family owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more.
- The family-owned business has a presence across 30,000 retail outlets through more than 300 distributors.
- ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion.
Cello World is a Mumbai-based, family-owned business and is involved in the manufacturing of storage containers, water bottles, tiffin boxes, dinnerware and more. The company was founded in 1967 but this is the time it has divested stake to a PE firm.
“We are excited to welcome ICICI Venture Funds as our first investor in Cello World. We are confident of company maintaining its growth and profitability trajectory while providing the consumer with quality products. We look forward to benefitting from the vast managerial expertise of ICICI Venture as we expand our presence across products and geographies,” said Pradeep Rathod, chairman and MD at Cello World.
The business has a presence across 30,000 retail outlets via 300 distributors with focus on steel and plastic bottles, thermoware, along with glassware/opalware.
The company says that the houseware industry has witnessed secular growth along with a shift from being an unorganised to organised industry. Cello believes that it has been at the forefront of new product introduction with presence across materials i.e., plastics, steel, glass, opal, melamine, copper etc.
“Cello World under the leadership of Rathod Family, its capable management team and its pan -India distribution network has demonstrated industry leading growth and profitability characteristics. The organised section of the industry will see further acceleration in the coming years with branding and premiumisation gaining ground,” said Gagandeep Singh, senior director, private equity, ICICI Venture.
ICICI Venture is among largest alternative asset managers with assets under management/advice of over $6 billion. The company has a presence across four verticals i.e., private equity, real estate, infrastructure and special situations.
SEE ALSO: Elon Musk’s weight loss mantra is not new, but here’s how to do it right
Indian markets open flat amid mixed global cues
Medanta Hospitals operator Global Health lists at 18.5% premium, 3x the premium quoted by grey market
Popular on BI
- A college is removing its vending machines after a student discovered they were using facial-recognition technology
- 11 states pay more in federal taxes than they get back - here's how every state fares
- Steve Jobs once said the best managers are 'individual contributors' who aren't interested in managing people
- Fuel your morning: Wholesome South Indian breakfast ideas for health
- Vodafone Idea shares tumble 14%, mcap erodes ₹10,806.7 cr
- National parties declare income of ₹3,077 cr in 2022-23; BJP has highest share
- Human trials may reveal efficacy of new Rs 100 cancer pill: Docs
- Multiplexes' revenue growth to dip to 15% in FY25 as OTTs crimp profit margins