Gokaldas Exports, one of India’s largest garment manufacturers and exporters, is promoted by Florintree Advisors, a private equity firm run by former Blackstone executive Mathew Cyriac.
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Going by the shareholding pattern of the company as of September 30, Catamaran Ventures owned 678,003 shares in Gokaldas Exports, worth over Rs 57 crore, as per its stock price during early trade on Thursday.
Founded by the Hinduja Family in 1978, Gokaldas Exports counts global fashion brands such as H&M and Gap among its top clients and was controlled by Blackstone until 2017. Blackstone exited from its decade-long investment in the company after booking heavy losses.
For the three-month period ended June 30, Gokaldas Exports reported operating revenue of Rs 514.64 crore and a net profit of Rs 32.5 crore. In August, Gokaldas Exports said it was acquiring Dubai-headquartered apparel manufacturer Atraco Group with customers in the US and Europe, for $55 million, or around Rs 450 crore.
Other shareholders of Gokaldas Exports include Abu Dhabi Investment Authority, which owns a 3.19% stake, Goldman Sachs and HSBC.
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Catamaran Ventures chairman MD Ranganath did not respond to a query on the development.The venture capital firm has invested in companies such as Elon Musk’s SpaceX, insurance tech startup Acko, business-to-business ecommerce platform Udaan and community-based social networking platform Reddit. It also picked up a stake in integrated electronic manufacturing services provider Cyient DLM, which went public in July.
Catamaran Ventures also owned a stake in Prione, the parent of Cloudtail, which used to be among the biggest sellers on the Amazon India marketplace. Last year, Amazon bought a 76% stake in Prione from Catamaran and became the 100% owner of the company.
In May, Bloomberg had reported, citing Ranganath, that Catamaran Ventures would be raising its assets under management to $2 billion, and was exploring strategic partnerships in three areas: deep tech, renewables and precision engineering and manufacturing.
