SEQUOIA INDIA INVESTS $3 M IN IPOBOUND GENESIS COLORS

Venture capital investor Sequoia Capital India has invested $3 million of additional capital in its initial public offering (IPO)-bound portfolio company Genesis Colors Ltd, said two people aware of the development. Genesis Colors, the owner of luxury fashion labels such as Satya Paul, plans to sell shares to the public for the first time to fund expansion and provide an exit opportunity to its investors. The company filed its draft IPO papers in September and subsequently received the Securities and Exchange Board of India’s approval in February this year.