With FDI in multi-brand retail delayed, fashion house Kimaya Studios is now in talks with domestic private equity firms to raise capital for scaling-up its operations and store-network in the country, a top company official said.
The company could divest around 15-20% of its stake for the purpose, he said.
"We are talking to a few Indian PE players to raise capital by off-loading around 15-20% stake. We are keen to get a good valuation -- much will hinge upon the valuation we get," Kimaya's Managing Director Pradeep Hirani told PTI here.
While he did not divulge the amount the company hoped to raise from the PE players, it is understood that it would be lesser than the Rs 100-crore it was earlier seeking from overseas PE players.
Hirani said that overseas players give a better valuation than their Indian peers but he was still confident of getting a decent valuation.
Global consultancy firm, KPMG, is the adviser for the retailer, which has already initiated talks with a few Indian players.
Hirani did not disclose the identities of the PE firms Kimaya is in talks with--however, some of Indian PE firms which could be interested in a deal include ICICI Venture, ChrysCapital, India Value Fund, Kotak Private Equity, Axis PE, Everstone Capital and Ascent Capital, among others.