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Sixth Sense’s Nikhil Vora to invest in glitter-powder makerMarch 5, 2018
Nikhil Vora, founder of consumer sector-focussed venture capital firm Sixth Sense Ventures, is investing in a company that makes glitter powder and polyester film, according to a note the firm sent to its shareholders seeking approval for the investment.
Vora, according to the note, will invest nearly Rs 4 crore ($610,000) in his personal capacity in the Vadodara, Gujarat-based Advance Syntex Ltd, which operates under the brand name Midas Glitter.
Vora will pick up a stake of around 14% in the company, the note shows.
When contacted, Vora confirmed the development. An email query sent to Advance Syntex didn’t get any response till the time of publishing this report.
Advance Syntex has been making metallic yarn since 1974 and introduced glitter powder in 1980, according to its website. Besides glitter powder made of polyester metallic film, the company makes metallic yarn, lacquer-coated aluminium-metallised polyester film and other products.
The glitter powder the company supplies is widely used in plastic moulding, fabrics, decorations and events.
The company posted net sales of Rs 54.6 crore for 2016-17, a 12.6% rise over Rs 48.5 crore for 2015-16.
Vora’s previous bets
Vora was an early investor in One97 Communications Ltd, the parent of digital wallet firm Paytm. He sold his stake in One97 to Chinese e-commerce giant Alibaba in May last year, reaping almost 75-fold gains.
Around the same time, Vora also exited his investment in Kangaroo Kids Education Ltd when the operator of pre-schools and K-12 schools was acquired by EuroKids International Pvt. Ltd.
Vora is also an investor in Fogg deo maker Vini Cosmetics, which raised funds from private equity firm WestBridge Capital Partners in September 2017. He has also invested in Noida-based Soothe Healthcare Pvt. Ltd, the firm behind Paree brand of sanitary napkins.
Besides, Vora has invested in Avigo Capital-backed sports-focussed digital display solutions firm Technology Frontiers and aircraft maintenance and repair company AirWorks, which is backed by private equity firms New Enterprise Associates and GTI Capital.
Meanwhile, Sixth Sense Ventures is on the verge of marking the first close of its second domestic fund. The fund has a target corpus of Rs 350 crore ($54 million) and aims to invest in 12 to 15 companies.
Sixth Sense’s first fund had a corpus of Rs 125 crore ($19.2 million) and backed 10 companies, including gaming arcade operator Smaaash Entertainment Pvt. Ltd, Hindustan Foods Ltd, JHS Svendgaard Laboratories Pvt. Ltd and hyperlocal logistics service provider Grab.