Prateek Group in talks with Sidbi VCF, others for PE

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Hyderabad: In order to raise money for its expansion plans, the Bangalore based retail solutions provider Prateek Group is in talks with Sidbi Venture Capital Fund and a some private equity players to offload a minority stake, reported The Economic Times. The group is looking at raising $100 million through a mix of equity and debt by the end of 2008. Officials, however, declined to disclose the amount of money that it proposes to raise from private equity players. This will be the second round of PE funding for the Prateek group. Last year, it had raised around $7.5 million from Sidbi VCF by off-loading a minority stake. Even after the second round of funding, the promoters will continue to hold a majority stake in the group, said a company official. ?We are yet to take a decision on participating in the second round of PE funding for the Prateek Group. The decision depends on the valuation of the company and the stake they are willing to offload?, said a senior Sidbi VCF official. The Prateek Group is an end-to-end solution provider to the apparel industry. Its services include sourcing, market research, developing textile & apparel designs, manufacturing & logistics. Promoted by Pradeep Agarwal, the group?s turnover is expected to touch around Rs 275 crore this fiscal.