Sequoia Capital held nearly 55 lakh Go Fashion shares accounting for 10.18 per cent stake in Go Fashion as of March 31, 2023. Shares of Go Fashion have jumped 8.4 per cent in the last one month. They are up 21.2 per cent in the last one year. 
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Sequoia Capital held nearly 55 lakh Go Fashion shares accounting for 10.18 per cent stake in Go Fashion as of March 31, 2023. Shares of Go Fashion have jumped 8.4 per cent in the last one month. They are up 21.2 per cent in the last one year. Shares of Go Fashion fell 5 per cent in Monday's trade amid heavy volumes. Against a two-week volume of 2,492 shares, the stock saw 5.28 lakh shares changing hands on BSE on likely stake sale by Sequoia Capital. As per earlier repots, the venture capital firm was looking to offload its entire 10.18 per cent stake in the parent of Indian clothing brand Go Colors through a block deal today.
Following the development, the stock declined 5.07 per cent to hit a low of Rs 1,133.30 on BSE. On NSE, a total of 83,43,762 shares changed hands, with a total turnover of 948.56 crore. A CNBC report earlier suggested the total size of the block deal at Rs 625 crore. As per the report the floor price was set at Rs 1,135 per share, a 5 per cent discount to Friday's closing price of Rs 1,194. JM Financial was reportedly the sole broker for the deal.
Sequoia Capital, till last year, held a 13.8 per cent stake in Go Fashion. It had, however, launched a block deal in December 2022 to sell a 3.7 per cent stake for Rs 228 crore. The Go Fashion move came days after Sequoia Capital decided to split its businesses in China, India and Southeast Asia operations into two independent firms, which will be run without any involvement of Sequoia going forward.
Sequoia Capital held nearly 55 lakh Go Fashion shares accounting for 10.18 per cent stake in Go Fashion as of March 31, 2023. Shares of Go Fashion have jumped 8.4 per cent in the last one month. They are up 21.2 per cent in the last one year.
Go Fashion reported a 20 per cent rise in net profit at Rs 15 crore for the March quarter compared with Rs 12 crore in the year-ago quarter. The company’s total income for the quarter rose 34 per cent to Rs 160 crore compared with Rs 119 crore in the corresponding period of last year.
Sequoia’s China firm would be named Hongshan in English. India and Southeast Asia will be renamed as Peak XV, which will manage more than 400 portfolio companies and assets of $9.2 billion.
Sequoia raised $2.8 billion last year to invest in Indian and Southeast Asian startups, but the majority $2.5 billion remaining will be invested by Peak XV, which is now India's biggest venture capital firm being run by Sequoia's former managing directors in the region.
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