New Delhi, Feb. 10 -- Venturi Partners, a private equity firm which makes mid- and late-stage investments across India and Southeast Asia, said Monday it is investing $25 million (about Rs 218 crore) in footwear brand JQR (Just Quick Run) for a minority stake.
This is the first external investment for Bahadurgarh, Haryana-based JQR, which plans to use the capital to expand in new markets offline and also launch its online channel.
"The footwear industry is seeing strong support from government policies, and we believe there is a significant gap in the price segment that JQR operates in," said Rishika Chandan, managing director at Venturi Partners, in a statement.
"India's consumer market continues to have a dearth of high-quality, affordable brands, and our mission at Venturi is to identify and scale such businesses across categories," said Chandan.
JQR, founded by Rinku, Sunil and Manish Garg in 2014, operates in the growing sneaker market and caters to the mid- and economy segments. It has vertically integrated manufacturing, in-house design capabilities and offline distribution. It reported revenue of Rs 218 crore in the financial year ended March 2023 and a profit of Rs 8 crore.
Venturi Partners, founded in 2019, is currently investing out its $175 million maiden fund that it closed in 2022. It typically invests $10 million (approximately Rs 76 crore) to $40 million (around Rs 306 crore) in Series B to D rounds.
It backs consumer-facing business startups and helps them build disruptive brands in India and Southeast Asia. Its other investments include Livspace, Country Delight, Believe, Pickup Coffee, DALI, and K-12 Techno.
Published by HT Digital Content Services with permission from VC Circle.