Premji Invest, the family office of one of India’s richest individuals, Azim Premji, is reportedly in discussions to lead a $50 million (€37 million) fundraiser in e-commerce fashion retailer Myntra.
The website, headquartered in Bangalore, was founded in 2007 and is now India’s largest online fashion and lifestyle store, with annual revenues of $120 million. It stocks Indian fashion brands, as well international household names, such as Nike, Reebok and Adidas.
According to the Times of India, the transaction has not yet closed but Premji Invest is likely to be a co-investor in the latest round of funding, alongside British investor CDC, and existing investors, Accel Partners and Tiger Global.
Premji Invest reportedly has upwards of $1 billion for private equity investments in listed and privately run growth companies.
According to a report by KPMG and IAMAI, the Indian e-commerce industry has seen 150% growth to $9.5 billion in the three years to 2012.
Azim Premji is the second-gen chair, and a majority shareholder, at Indian conglomerate Wipro – the third largest IT services company in India.
He is ranked the country’s fourth richest man with an estimated net worth of $14 billion.