ZeroStock Retail to raise $12.5 Mn from PE funds
Hyderabad: Aimed at a pan-India presence, ZeroStock Retail plans to raise around $12.5 million (Rs 50 crore) from private equity funds to fuel its expansion plans. This will be the second round of equity infusion for the Hyderabad based company, which began operations last year. It had raised around $4 million from angel investors in Hyderabad and the United States in the first round, said ZeroStock CEO Ashok Mayya. "Besides private equity funds, we are also open to roping in angel investors and venture capital funds. The money will be used to open more stores," Mayya. By the end of March 2008, the company would be investing the money raised in the first round to open around 30 stores across seven cities - Bangalore, Chennai, Cochin, Kolkata, Jaipur, Hyderabad and Pune. More over, it plans to open another 300 stores by year-end after the second round of funding. ZeroStock Retail is a privately-funded company founded and run by Wharton MBA graduates. The company?s offering includes men?s formal and casual wear.