Sequoria Capital acquires 30 percent stake in Go Fashion

US-based venture capital firm Sequoia Capital is said to be acquiring a 30 percent stake in Chennai-based Go Fashion for approximately around Rs 45 to 60 crores. The company had earlier invested in Google and Whatsapp.

Go Fashion is a manufacturer and retailer of bottomwear brand Go Colors that offers products such as churidars, leggings and jeggings for women. The company backed by Saraogi family has been into readymade apparel business under Meridian Apparels. Sources say that the development would see Sequoia's Managing Directors VT Bharadwaj and GV Ravishankar, join the Go Fashion board.

Go Colors retails its products through over 35 EBOs and kiosks as well as at Central, Reliance Trends and Megamart. Its sales more than doubled to Rs 26 crores during the fiscal year 2013-14.

According to media reports, mid-sized apparel companies are now knocking on the doors of investors to fund their expansion plans and receiving a warm welcome from them.