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Sixth Sense Ventures, a venture fund launched by Nikhil Vora, former MD of IDFC Securities, made its debut investment in ETHOS – India’s leading retail chain for luxury watches. The consumer-centric domestic venture fund is the first institutional player, which invested in ETHOS, in a Series A financing round
ETHOS Watches, a retail subsidiary of KDDL - Kamla Dials and Devices Ltd, is leading chain of luxury watch boutiques with 44 premium stores across the country and an authorised retailer for around 50 global luxury watch brands. ETHOS has grown at 37% CAGR over the past five years, stated a release. Ethos has also build an E-com Asset light platform, which is already generating over 20% of leads converting into sales.
Sixth Sense Ventures has been looking to raise Rs 250 crore ($40 million) from a mix of high-net worth investors (HNIs), family offices, corporate houses and domestic institutions. The fund, which will target the broader consumption theme, will look at investing $1-5 million in each portfolio.
Nikhil Vora, Founder & CEO of Sixth Sense Ventures said: “We see in ETHOS, a fascinating opportunity to partner and participate in a scale business, which is likely to be extremely profitable and rides on the back of the strongest global brands. The consumer of tomorrow is a lot more aspirational, which will make it move up from traditional Indian brands towards global masterbrands.”
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