| Avigo made the investment in Spykar out of its second fund called 'The Avigo SME Fund II', which has a corpus of $125 million. The fund is registered in Mauritius and the money was raised from Southeast Asia, Europe, India and the US. |
| Avigo has invested 25 per cent of the $125 million corpus in five companies in the manufacturing, industrial services, energy & infrastructure sectors. |
| The five companies include Tecpro Systems, a company in the bulk material handling business, GET Engineering Construction, which is into power distribution and Privi Organics, a global manufacturer of intermediate aroma chemicals for the flavours and fragrance industry. |
| "We usually exit from our investments after 3-5 years and will have a seat on the board of Spykar. We handhold the companies we invest in, till the IPO process. We also act as an in-house corporate advisor to the company and help put in place corporate governance,"said Saif Dhorajiwala, vice-president (investments), Avigo Capital Partners. |
| Commenting on future investments, he said, "We are in talks with a couple of companies from the cold chain space and we are likely to invest in one of them very soon. Our investments are typically between $5 and $10 million." |
| Spykar Lifestyle plans to use the funds for expanding its retail network, design studio, multi country operations, multi-brand operations and exclusive brand outlets. |
| Spykar Jeans currently has 81 EBOs and plans to increase the number to 300 by the end of 2010. Last year, it opened its first exclusive brand store in London and has a turnover of 90 crores. |
| Spykar Lifestyle also plans to tap the capital market before September 2009. "We will be launching an IPO before September, 2009," said Prasad Pabrekar, MD, Spykar Lifestyle. |
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