Hyderabad-based apparel retailer Sai Silks Kalamandir has entered into a vendor financing partnership of Rs. 40 crore with B2B non-banking financial company Vivriti Capital.
The funds will be utilised towards procurement of raw materials to meet the increased demand during the ongoing wedding season marked by high-value consumption expenditure.
Prasad Chalavadi, MD, Sai Silks Kalamandir said, “In India, the wedding season is a significant buying and demand period for clothing. We had a pressing need to buy raw materials from weavers. We went to Vivriti Capital with the expectation they would provide us timely support so we had the means to meet the demand throughout this season.”
The company, last year announced the approval from SEBI to go public and filed the Draft Red Herring Prospectus in July 2022 eyeing to raise Rs. 1,200 crore.
Rohit Sinha, Head, Supply Chain Finance at Vivriti Capital said, “We are pleased to be able to provide funding in a tightly managed 10-day end-to-end process, to one of the largest clothing retailers in South India. We continuously work to identify mid-market businesses that need our support and rapid, flexible, bespoke debt solutions. Our advanced vendor identification and evaluation technology has helped Sai Silks (Kalamandir) meet its high demand in a timely manner.”
