As per a report in Economic Times, Morpheus Fund, founded by former IMG India head Balu Nayar, has invested Rs. 42 crore in direct-to-consumer retailing platform, TVC Skyshop, for an 8% stake. TVC Sky shop focuses on two product lines-consumer electronics and herbal products. It markets and distributes its own brands. Founded in 2000, the company currently caters to about 5 million customers and recorded a turnover of Rs 69 crore for the quarter ended March 30.
Morpheus Fund's investment is the second round of institutional capital raised by the Mumbai-based venture, following an undisclosed amount invested by midsized private equity firm Samara Capital in 2008. Samara Capital currently holds a 22% stake in the company.
This is the Morpheus Fund's third investment since its launch in 2011. Earlier the Rs 425-crore fund had invested in Ahmedabad-based Shelter Pharma and IPSA Labs. The consumer brand-focused fund typically invests between Rs 40 crore and Rs 50 crore, for a 5% to 15% stakes in ventures, across segments such as food, personal care retail, over-the-counter pharmaceuticals and apparel.