Former equity research analyst Nikhil Vora's Rs 250-crore private equity fund Sixth Sense Ventures today announced its first investment in luxury watch retailer Ethos.
"We have invested between Rs 5 crore and Rs 10 crore in Ethos, which is the largest retail chain for luxury watches," Vora, the founder and chief executive of the fund, said.
He said that the fund is very near to closing another investment in a week's time and the second company is into road side assistance for vehicles.
Ethos operates 44 stores across the country and has been authorised by 50 global luxury watch brands to sell their wares, Vora said, adding that the company has grown 37 per cent per annum over the last five years.
It also has a presence in the online space, he said, adding that 20 per cent of the leads from the e-commerce platform are getting converted into sales.
Vora said the fund will be deploying the entire corpus of Rs 250 crore over the next two years, with a ticket size of Rs 5 crore to Rs 10 crore per deal.
Before getting into venture investing, Vora was the managing director and co-head of research at IDFC Securities.
