Hyderabad-based Palred Technologies, which runs LatestOne.Com, an e-tailer for mobile accessories has raised Rs 22 crore in the latest round led by Florintree Advisors, controlled by Mathew Cyriac, former co-head of Blackstone’s private equity business in India, and Chidambaram Palaniappan.
“The board of the company approved an allotment of Rs 22 crores by way of preferential allotment at a price of Rs 145 per share. Florintree led and advised investors are the lead participants in this round of preferential allotment,” BSE- listed Palred said in a statement.
Palred will use the investment to meet growth capital requirements for its subsidiary LatestOne.Com, a vertical focused on e-commerce that sells mobile accessories online. Besides this, the company also plans to use the funds to create additional fulfillment centres, brand building, inventory, building B2B channels and to further develop the managed marketplace, Palem Srikanth Reddy, chairman of Palred Technologies said in the press note.
LatestOne.com which sells tech accessories such as cables, cases, chargers, power banks and headsets, claims to stock over 10,000 different products in its inventory and operates through its own fulfillment centres in Delhi and Mumbai.
Palred Technologies, which was formerly known as Four Soft, sold its logistics software business to a portfolio company of Francisco Partners in 2014. The promoters of Four Soft, including Shrikanth Reddy, a postgraduate from Stanford University, retained a small portion of the proceeds to build LatestOne.com.