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| Mr Alok Aggarwal, Chief Executive Officer and Managing Director, Ozone Overseas |
Funds will be used to
expand Ozone Overseas’ state-of-the-art manufacturing facilities and accelerate
growth
National, 5 June 2023:
Ozone Overseas, a renowned brand in the home and office improvement solutions
market, today announced that it has successfully secured INR 250 crore growth
funding from PAG-backed Nuvama Private Equity's latest late-stage/pre-IPO
series of funding. With this investment, Ozone Overseas aims to bolster its
existing growth chart by expanding its manufacturing capacity, reinforcing
brand presence, and exploring potential synergistic acquisitions.
Established in 1999, Ozone Overseas has emerged as a
trusted market leader, providing a diverse range of 5000+ products, including
Glass Fittings, Shower Enclosures, Kitchen and Furniture Fittings, Door Fittings,
Railing Solutions, Fingerprint Locks & Digital Safes. The company's
adherence to international quality standards, a robust distribution network of
7000+ retailers, and outstanding after-sales service have solidified its
position as an industry frontrunner.
Mr Alok Aggarwal, Chief Executive Officer and Managing Director, Ozone
Overseas, highlighted the growth prospects enabled by the capital
infusion, stating, "By leveraging this capital, we are well-positioned
to accelerate our growth trajectory. Our focus remains on building a
consumer-first brand that resonates across touchpoints, including franchise
outlets, e-commerce platforms, experience centres, and an extensive retail
network. Strengthening our after-sales service and delivering solution-focused
products will further enhance our customer experience. As we expand our
manufacturing and R&D facilities, we proudly contribute to the Make in
India for the World journey. With our strategic network expansion into tier 2
and tier 3 cities, we aim to bring our innovative home and office improvement
solutions closer to a wider audience."
Commenting on the investment, Mr Pranav
Parikh, Managing Partner, Nuvama Private Equity, said, “This investment
seamlessly aligns with Crossover's investment philosophy of backing industry
leaders who have a demonstrated track record and exhibit robust growth
prospects. The strong momentum in commercial and residential segments is
expected to lead the demand for ancillary building and architectural hardware
solutions that Ozone Overseas specializes in. The inherent growth in these
markets is further enhanced by structural trends such as premiumization as well
as increased use of modern materials and feature-rich designs, driving up the
volume and value of architectural products used across home and office
markets.”
He further added, “Unlike other home improvement
categories, this space is still highly fragmented, with a large share being
catered by unorganized players. We see an increasing shift from unorganized to
organized and expect consolidation of market share among a few large players
over the next decade. In our view, Ozone Overseas, given its brand,
market reputation, omnichannel approach and high-quality management team, is
very well-positioned to take a disproportionate share of this opportunity.”
Over the past two decades, Ozone Overseas has established an extensive
network of retailers across India, a robust global supply chain, and a
sophisticated logistics network. The company's technical support and product
development enterprise have further solidified its position as a leading Make
in India brand worldwide.
