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[Funding News] Theater Secures $1.5 Mn Pre-Series A Funding Round

By Team VS
New Update
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Theater, a Western fashion brand that prioritizes digital platforms, has secured $1.5 million in a pre-Series A funding round. Prath Ventures, along with existing angel investors, served as the lead investor.

The proceeds will be allocated to the expansion of its offline presence, the acceleration of design iteration and production processes, and the development of new channels such as rapid commerce, in order to drive growth.

Theater establishes a unique market presence by utilizing its extensive fashion expertise, as well as its comprehensive brand-building and startup scaling capabilities. It is designed to empower the fashion design landscape and mass-premium fashion brands, with a focus on women's footwear, stockings, perfumes, and purses.

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Theater endeavors to revolutionize the Indian fashion industry by employing a design-centric approach and establishing a substantial enterprise with a distinctive product.

About Theater

Founded in 2021 by Sarthak Aggarwal, Vikram Jain, Karan Jain, and Shruti Aggarwal, Theater is a dynamic and rapidly growing fashion startup based in India.

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Godrej Properties Limited has Secured INR 6,000 cr through the QIP route

GPL intends to use the net proceeds received from this issue to build a project pipeline that allows it to scale the business rapidly in the years ahead.

By Ayushi Jain
New Update
Godrej Properties Limited  has Secured INR 6,000 cr through the QIP route

Godrej Properties Limited (GPL) , a leading national real estate developer, today announced that it has raised INR 6,000 crore through the QIP route.

The issue saw a strong demand of ~4X the size of the QIP and was fully covered with long only demand. The issue also had a healthy mix of leading international and domestic investors including GIC, Blackrock, Aberdeen, Norges Bank, SBI Pension, and ICICI Prudential life Insurance.  

As a result of the QIP, GPL’s Net Worth has increased by more than 50% while the equity dilution was 7.68%. GPL’s gearing ratio will come down to below 0.2:1 from 0.7:1 as of September 30, 2024. 

With bookings growth of 56% in FY23, 84% in FY24 and 90% in H1 FY25, GPL has achieved a tremendous growth trajectory in recent years and is well positioned to substantially surpass its FY25 booking value guidance of 27K crore.  

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GPL intends to use the net proceeds received from this issue to build a project pipeline that allows it to scale the business rapidly in the years ahead. GPL has already surpassed its business development guidance for FY25 of Rs 20,000 crores of estimated booking value in the first 7 months of the year and continues to have strong visibility for rest of the year. 

Godrej Properties was the largest real estate developer in India by bookings in FY25 and the fastest growing large business in India across sectors in FY24 with sales growth of 84%. Jeffries, Morgan Stanley, Bank of America, and Kotak were the bankers for the QIP. 

Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said: “We are delighted with the response to our QIP process. We greatly appreciate the confidence and support of the investment community and will do our best to ensure we utilize this capital wisely.   Godrej Properties has reset its scale in the recent years with bookings growth of 56% in FY 23 and 84% in FY 24.  GPL is well positioned to deliver a 3rd consecutive year of rapid growth in booking value with 90% growth in H1 bookings, launches planned across 7 cities in Q3, and an even stronger launch pipeline for Q4. This capital raise will allow GPL to significantly enhance its business development portfolio while maintaining a tremendously strong balance sheet. We remain focused on building scale through continued market share gains and margin expansion.”

About Godrej Properties Limited:  

Godrej Properties brings the Godrej Industries Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 127-year legacy of excellence and trust with a commitment to cutting edge design, technology, and sustainability. In FY 2024, Godrej Properties emerged as the largest developer in India by the value of residential sales achieved. 

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