ASK Pravi to invest up to Rs. 50 cr in Indian Clothing League.

ASK Pravi PE Opportunities Fund will be investing up to Rs. 50 crore in Indian Clothing League for a minority stake. The funds will be used to grow the company's two existing brands - 612 Ivy League and Baby League through expanding their retail presence, distribution network, strengthening its brand equity and expansion of manufacturing capacity.

ASK Pravi Private Equity Opportunities Fund focuses on unlisted companies which benefit from India's consumption potential. This is the fund's second investment following its maiden investment in OMNI Hospitals, a Hyderabad-based chain of hospitals that provide affordable healthcare.

Jayanta Banerjee and Anand Vyas, Managing Partners of ASK Pravi Capital Advisors, will be joining the board of directors of Indian Clothing League post the investment.

Promoted by the husband-wife duo Manu and Mohita Indrayan, Indian Clothing League retails its products through large format stores including established chains such as Shoppers Stop, Reliance Retail, Central and Globus and through leading e-commerce players such as Jabong and Flipkart across 80 cities. It has manufacturing facilities in Ludhiana with a capacity of 100,000 garments per month. The entire product range is developed at the company's in-house design studio by a team of qualified designers, using modern techniques and processes.

Manu Indrayan, Managing Director, Indian Clothing League, said, 'There is a huge gap in the Indian kids wear market for high quality yet affordable products. The company seeks to fill this gap by providing contemporary styled products at affordable prices for today's children.'

Anand Vyas, Managing Partner, ASK Pravi Capital Advisors, said, 'Over a very short period of time Manu and Mohita have built a high quality kids wear business and have gained the confidence of top national retailers like Shoppers Stop, Reliance Trends etc. Both brands - 612 Ivy League and Baby League - are strong value propositions. We look forward to partnering with them in building the business to the next level.'

Ourea Capital Advisors acted as the sole financial advisor to Indian Clothing League for this transaction. Tatva Legal acted as the legal advisors to ASK Pravi and Ernst & Young conducted the financial and accounting due diligence for the transaction.

HBL