This is the first private equity raise by Cello World, a family owned business with a presence in 30,000 retail outlets through over 300 distributors. Cello World focuses on Hydration (Steel & Plastic Bottles), Thermoware, Glassware/Opalware categories.
The investment in Cello World is part of ICICI Ventures’ 5th India mid-market focused PE fund (IAF5), which raised $325 million from existing investors – large sovereign wealth funds, Insurance Companies, banks, fund of funds, family offices.
“Led by Cello World” Rathore family, its able management team and its pan India distribution network have demonstrated industry leading growth and profitability characteristics. Organized segment of industry will be
Gagandeep Singh, senior director of private equity at ICICI Venture, said, “We should see further upside in the coming years with increased branding and premiumisation.”
“We are confident that the company will maintain its growth and profitability trajectory while providing consumer
with quality products. We look forward to benefiting from ICICI Venture’s vast managerial expertise as we expand our presence across products and geographies,” said Pradeep Rathod, chairman and managing director, Celo World.