Faering Capital currently manages a Rs 850-crore private equity fund (Faering Capital India Evolving Fund), which invests in financial services, consumer and retail, healthcare, education, media, technology, internet and business services
Domestic PE player Faering Capital has bought close to 26% stake in online foreign exchange services provider bookmyforex.com for around $2 million.
The investment is an early stage one. Founded by former head of HDFC Bank’s foreign exchange services, Sudarshan Motwani in 2011 the company provides full suite of forex products like currency notes, prepaid travel cards, traveler’s cheques, demand drafts and wire transfers. According to sources, bookmyforex registered an annual turnover of Rs 300 crore in the last fiscal.
Faering Capital is a boutique asset management firm founded by HDFC chairman Deepak Parekh’s son Aditya Parekh and his associate Sameer Shroff.
Faering Capital currently manages a Rs 850 crore private equity fund (Faering Capital India Evolving Fund) which invests in financial services, consumer & retail, healthcare, education, media, technology, internet, and business services.
Since 2009, Faering Capital has made 12 investments from its maiden fund, which include Ratnakar Bank, Gokaldas Intimate-wear (Enamor Lingerie), Manipal Healthcare, Avantha Power, Biba Apparels, Mahindra Financial Services, City Union Bank, NSE, KOOH Sports, Linkstreet, Transerv, and Snowman Logistics. Faering Capital, it is believed is the midst of raising its second fund from a clutch of domestic and foreign investors.
Earlier this month Paragon partners another private equity fund founded by Deepak Parekh’s younger son Siddharth Parekh, and entrepreneur Sumeet Nindrajog announced the first closure of $50 million in commitments, of their $200 million private equity fund called Paragon Partners Growth Fund I (“PPGF-I”). According to fund executives, PPGF-I plans to invest in 10-15 mid-market companies in India, with an average deal size of $10-20 million. It will focus on five core sectors, including consumer discretionary, financial services, infrastructure and health care services.