In 1999, Mumbai-based Pantaloon Retail India Ltd. consisted of five Western-style clothing stores in five cities. Revenue for the chain was Rs1.35 billion a year. Kishore Biyani, Pantaloon’s owner, had ambitions to grow much larger. All he needed, he says, was the financing to expand. Then, a Mumbai firm called ICICI Venture came to him and, in exchange for a 7.5% stake in the company, invested Rs43 million.