Simpolo Group, India’s largest premium tile manufacturer, has raised $66 million from the India Business Excellence Fund-IV. The fund is managed by Motilal Oswal Finvest Ltd, MO Alternate Investment Advisors Pvt Ltd (MOPE) and India SME Investments – Fund I.
The group said that it will aim to use the funds to increase the market share and grow penetration in the market, both domestic and international. It will also use the funds to expand the current production capacity of tiles and sanitaryware and improve logistics.
“MOPE’s experience to create leaders in the manufacturing sector and the expertise gained from their real estate fund will be instrumental in elevating Simpolo Group to one of the leaders in the building materials industry in India,” said Jitendra Aghara, group CMD, Simpolo Group.
Simpolo Vitrified Pvt Ltd and Nexion International Pvt Ltd are a part of the Simpolo Group.
“In 2015, we partnered with the Simpolo promoters with the shared vision of creating an Italian company in India,” Luca Majocchi, CEO of Nexion, said, “As India’s economy and society continue to develop, we expect the luxury tiles market in India to grow exponentially.”
Motilal Oswal Investment Advisors acted as an exclusive financial advisor to the Simpolo Group.
“We believe that the luxury and premium tiles segment in India is poised for rapid growth, as the share of high-end tiles will increase from less than 10 per cent today to 30-40 per cent as seen in developed markets,” Prakash Bagla, director of MOPE said.
Simpolo Vitrified and Nexion International manufacture luxury and premium tiles in India. Simpolo was founded in 2008 and is involved in designing, manufacturing, supplying and distributing tiles and sanitaryware. Nexion was founded in 2015 and partners with Simpolo in manufacturing tiles.