QVC Realty to raise $200mn in 2nd round

QVC Realty to raise $200mn in 2nd round
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First Published: Mon, Oct 15 2007. 12 05 AM IST
Updated: Mon, Oct 15 2007. 12 05 AM IST
The Bangalore-based QVC Realty Pvt. Ltd, India’s first venture capital funded real estate company is looking to raise around $100-$200 million (Rs390-780 crore) in a second round of funding from private equity firms.
QVC raised $100 million of venture capital funding in April this year from IL&FS Investment Managers (IIML), the private equity arm of Infrastructure Leasing & Financial Services Ltd. IIML raised $525 million in 2006 to invest in the Indian realty sector, and holds a majority stake in QVC.
The company is now looking at raising more capital to fund its expansion plans. “We will look at raising capital in a second round of funding sometime towards the end of next year to fund our projects,” Prakash Gurbaxani, founder and CEO of QVC Realty said.
QVC will use the capital to develop real estate assets including residential townships and commercial property including retail spaces and hotels. The focus will, however, be on developing large integrated townships.
QVC plans to develop around 6-10 million sq. ft of property over the next five years in markets such as Mumbai, New Delhi, Bangalore, Hyderabad, Chennai, Pune and tier 2 or smaller cities such as Kolkata, Chandigarh, Nagpur and Kochi.
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First Published: Mon, Oct 15 2007. 12 05 AM IST