The footwear brand, Khadim India, with its expansion plan in place, has raised Rs 90 crore from Reliance Equity. The funds will be utilised towards the brand expansion and also getting over with its existing debts.
The money infused will be locked in for three years, post which the brand will go for an IPO. Currently, the company has issued compulsorily convertible debentures worth Rs 90 crore to Reliance Equity which will be converted into equity shares by end of this fiscal.
Khadim’s 90 per cent business is footwear while they also run four gold jewellery retail stores in the name of Sona Khazana.