Varmora Plastech raises Rs 30 cr from GVFL

Ahmedabad, April 3

Varmora Group's premium homeware arm Varmora Plastech Pvt Ltd (VPPL) has raised RS 30 crore from Golden Gujarat Growth Fund - I of venture funding provider GVFL Ltd.

The latest round of funding will enhance the company's product range and market reach across the country. Headquartered in Ahmedabad, Varmora sells its products under the brandname 'Varmora' through a network of 75 distributors and 2,000 retail points across India.

Bhavesh Varmora, Chairman, Varmora Group, said, "India is one of the fastest growing homeware and kitchenware market, which is evolving from being purely functional to convenient and fashion-driven, with convenience, aesthetics, novelty and style as key considerations. GVFL's investment will be used to further expand our product range and market reach, backed by a strong brand."

Besides its domestic presence, including modern retail network and online channels, the company also exports its products to different countries. The premium homeware segment caters mainly to the urban middle class customer but is seeing increasing participation from semi-urban customers.

Sanjay Randhar, MD, GVFL commented, "Premium homeware (market) is estimated to be around Rs 10,000 crore dominated by unorganised players. There is a shift towards organised players who have captured around Rs 2,000 crore of the homeware market and is growing faster than the unorganised market. Increased urbanisation and lifestyle changes are expanding the market for superior products which Varmora caters to. Varmora is expected to grow significantly in premium homeware segment."

Vamora Group is a ceramics player with diverse business interests.

Published on April 03, 2017

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