Pidilite Industries arm to invest Rs49cr in Homevista Decor and Furnishings

Pidilite Industries
Pidilite Industries said in the filing on Monday that Madhumala Traders Private Limited (Madhumala), a wholly-owned subsidiary of the company, has agreed to make an investment of Rs49cr in Homevista Decor and Furnishings Private Limited ("the Investee Company") by subscribing to its Series D2 Cumulative Compulsorily Convertible Preference Shares ("CCCPS") which on conversion would translate to over 5% of the issued and paid-up share capital of the Investee Company (on a fully diluted basis).

Along with Madhumala, other reputed investors have also invested in the Investee Company. The nature of the subscription will be cash. Subscription of CCCPS is being done at a mutually agreed pre-money enterprise valuation, which has not been disclosed herein due to reasons of confidentiality.

Founded in 2014, the Investee Company is a fast-growing home interiors company backed by strong tech-stack and presence in 7 cities with 16 experience centers in India.

The subscription of CCCPS of the Investee Company is not a related party transaction. The promoter/ promoter group of Madhumala have no interest in the Investee Company.

As an organization, we continuously track the development of the start-up ecosystem in adjacent areas and relevant geographies. We intend to make strategic financial investments in relevant startups and support and collaborate with these start-ups for mutual benefit.

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