The company, ICICI Securities and JM Financial, did not respond to ET’s queries. In 2018, Oman India Joint Investment Fund invested $24 million or ₹170 crore in the company for a 26% stake.
The deal was the company’s first round of PE funding. With three factories in Bengaluru and Mysuru, the company, which operates retail chain Stanley Boutique, makes high-end leather and wood furniture. It also undertakes contract manufacturing for Ikea and La-Z-Boy and makes leather accessories for auto companies, including Toyota, Ford, Renault, and Nissan.