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JSA, Themis on ICICI Venture’s $15.6m investment in women’s apparel brand Go Fashion India

ICICI Venture, the private equity arm of India’s largest private-sector lender ICICI Bank, has entered into a definitive agreement to acquire a minority stake of around 14% in popular women’s legwear brand Go Colors owned by Chennai-based apparel maker, Go Fashion India by investing Rs 100 crores (around $15.6m), through its fourth PE fund – India Advantage Fund Series 4, as reported by VC Circle and The Economic Times. The current investment is the ICICI Ventures’s first retail apparel investment in the past decade and also marks as the second for the women’s apparel brand, pursuant to an initial investment of Rs 60 crores by Sequoia Capital India Investments IV in November, 2014, wherein Sequoia acquired 33.33% stake in Go Fashion India.

J Sagar Associates (JSA) Chennai advised and assisted Go Fashion India and was led by partner Aarthi Sivanandh, principal associate Bhavana Alexander along with associates Bharath Sridhar and Kayal Manivannan.

Themis Associates acted as the legal advisor for the existing shareholder, Sequoia Capital India in the deal.

ICICI Securities was represented by its in-house counsel.

Founded in 2010 by Gautam Saraogi & Prakash Saraogi, Go Colors creates women focused legwear offering a wide range of high-quality products across various categories and has a pan-India network of more than 200 exclusive branded outlets and presence in over 500 large format stores. It was also reported that the current partnership with ICICI Venture is expected to capture huge market potential by ramping up the store expansion and implementing technology to enhance their customer experience taking the brand to its next level of growth.


This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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