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    Ex-Blackstone India MD picks 20% in Palred Tech

    Synopsis

    Former Blackstone India co-head Mathew Cyriac, has bought close to 20 percent stake Palred Technologies for around Rs 32 crore as the Hyderabad-based firm looks to expand its operations.

    A journalist checks the Starbucks menu on the Meituan app on her phone during a media event of Starbucks launching a partnership with Meituan, in BeijingReuters
    Representational image
    Former Blackstone India co-head Mathew Cyriac, has bought close to 20 percent stake Palred Technologies for around Rs 32 crore as the Hyderabad-based firm looks to expand its operations.

    The board of Palred Technologies approved allotment of 2500000 convertible warrants at an issue price of Rs 128 apiece to Cyriac on a preferential basis, according to a regulatory filing.

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    The Hyderabad-based firm will be using the funds for its capital expenditure for expanding the business.

    The transaction would be a follow-on investment from Mathew Cyriac after his private equity firm Florintree Advisors invested Rs 22 cr in the company in 2017 and subsequently exited.

    Other than Cyriac, veteran investor and ChrysCapital founder Ashish Dhawan holds 7 percent stake in the company, while Passage To India fund has 7.2 percent and Parle Group’s Chauhan family holds 2 percent.

    Founded in 1999, Palred, formerly known as Four Soft Technologies is into e-commerce, IT services and media and entertainment. Four Soft’s logistics software business was sold to a portfolio company of Francisco Partners in 2014. Post this, the company rebranded to Palred and is a Direct-to-Consumer company that manufactures and sells various electronic products under the brand name Ptron. The product suite includes wireless headphones, wired headphones, smart wearables, home audio pulsefit and force smart watches, home audio power and charging accessories.

    Palred also owns ecommerce website, ptron.in and www.LatestOne.com that specialize in selling of tech and mobile accessories such as Bluetooth speakers and headsets, cables, power banks, headsets, smart watches, fashion accessories.

    Shares in Palred closed 5 percent higher at Rs 260.80 to touch its 52-week high and upper circuit limit. Palred shares spiked nearly 5 times in the last 1 year, significantly outperforming the benchmark indices.


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