Two arms associated with the Motilal Oswal group and private equity fund India SME Investments have infused USD 66 million (about Rs 525 crore) into tile maker Simpolo.
The investment by India Business Excellence Fund IV — managed by Motilal Oswal Alternate Investment Advisors, Motilal Oswal Finvest, and India SME Investments Fund-I will be used to access the best practices and expand market share, according to a statement. The exact stake to be held by the new investors was not disclosed. Simpolo Group — headquartered in Morbi, Gujarat — was established in 2008 and has been serving the premium tiles segment through 1,100 dealers domestically and also serving 50 export markets, the statement said.
Along with Nexion, its joint venture along with Italian company Emilceramica SpA, the company had reported a revenue of USD 150 million in FY22. The statement said the business will be as usual after the fund infusion as well, wherein Simpolo and Nexion will continue to operate as independent entities. Motilal Oswal Private Equity’s director Prakash Bagla said he expects the share of high-end tiles to triple to over 30 per cent in the developed markets and the market in India is also poised for rapid growth.
Its managing director and chief executive Vishal Tulsyan said the tile maker’s chairman and managing director Jitendra Aghara is a first-generation entrepreneur, who has created a company that will be the most valuable tile maker in India in some years.
Pingback: International payments addressing platform iPiD secures $3.3M in seed funding