Kovai Pazhamudir Nilayam revealed it is nearing a deal to put up INR100 crore from private equity firms. Kovai Pazhamudir Nilayam is a fruits and vegetables retailer based in Coimbatore, Tamil Nadu in India. At present, Kovai Pazhamudir Nilayam has a chain of 40 stores and is growing rapidly at a pace of 10 new stores a year.
According to sources, the company is in advanced discussions with Peepul Capital and Sequoia Capital for the financing. This deal, the sources said, could be finalized within the month. It is likely that the funds would be raised at the firm's holding company, KPN Farm Fresh Private Limited. Some investment bankers suggested that Blackstone may also be in the race for this asset. Blackstone is one of the world's largest private equity firms active in the Indian real estate market.
Kovai Pazhamudir Nilayam confirmed that it is looking to raise funds but declined to comment on the investors. "I cannot comment on the PE funds. We have had discussions with various interested people and we will take a call if we have to take the PE route," Senthil Natarjan, managing director at Kovai Pazhamudir Nilayam, said in an interview with media.
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