Mumbai, May 20 -- Baby products startup SuperBottoms is looking to raise about Rs.130 crore from new and existing investors to diversify its offerings and target a wider age group, two people familiar with the matter told Mint.

"The round will be primary, and the company will use the proceeds to establish itself as a bottom-wear brand for kids," one of the people said. "Existing investors such as Lok Capital are expected to double down on their investment, and newer investors will also come on board," the person added.

The round is likely to close by the end of this year at a significantly higher valuation, they said, citing the company's recent growth.

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The capital raise an...