Kolkata-based Decorazzi Paints & Coatings, a manufacturer of decorative paints, is in talks with a host of investors to raise ₹5-10 crore by the first quarter of 2018. The company will use the funds for business expansion and brand building initiatives.
This will be Decorazzi’s first round of external funding. Decorazzi has appointed Merfin Advisors, a Mumbai-based investment banking firm for the fund raising.
“We are open to discussing any possible funding value and corresponding stake dilution at suitable valuation. We intend to use the proceeds for expanding our presence to Andhra Pradesh, Odisha and West Bengal, thereby, taking our footprint to a total of seven States,” said Jayanta Poddar, Founder & CEO, Decorazzi.
It now has presence across Maharashtra, Karnataka, Telangana and Assam.
The company is planning to focus on specialty coatings such as fire retardant coating, hydrophobic coating and packaging coating in the next five years.