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Palred Technologies has invested ₹30 crore in its subsidiary Palred Online that runs LatestOne.com, an e-commerce portal that sells mobile accessories. With this, the parent firm’s stake in the subsidiary has gone up by 3.19 per cent to 79.13 per cent.
“The e-commerce venture is now valued at ₹225 crore. We are going to use the proceeds for accelerated growth in India and abroad,” said Palem Srikanth Reddy, Chairman and Managing Director, Palred Tech.
Incorporated in 2011, the e-commerce venture has two warehouses in Delhi and Mumbai. The company is planning to expand its operations in Turkey and Mexico after turning profitable in India. In India, it is planning to set up a chain of retail outlets to expand the reach for its products. Besides, it is planning to build a fulfilment centre in the South.
The firm raised ₹22 crore last month from investors that include Mathew Cyriac (former Co-Head of Blackstone India Private Equity Business), Chidambaram Palaniappan (founder of Florintree) and K Madhavan (Joint Managing Director of Star TV India).
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