PARÉ Innovations secures $8.5M for expansion plans
Thane-based PARÉ Innovations, which currently has a presence in 13 countries, plans to expand to more than 50 countries.
PARÉ Innovations, a manufacturer of ceiling, wall and facade panels, on Tuesday said it raised $8.5 million, around Rs 72.9 crore, in its first funding round from Advenza Global Limited.
With this round, the company now has a post-money valuation of Rs 540 crore. “This milestone marks a significant leap forward in PARÉ’s ambitious growth strategy as the company sets its sights on reaching a turnover of Rs 1,000 crore over the next four years,” the company said in a statement.
With a presence in 13 countries, the company plans to accelerate domestic and international expansions to reach more than 50 countries.
Founded in 2020, Thane-based PARÉ Innovations aims to strengthen its position in India’s rapidly growing Tier II and III cities, focusing on deepening market penetration.
“This funding marks a significant step towards realising our vision of making PARÉ a global leader in the interior products space. We're excited to accelerate our growth and expansion plans, and look forward to creating exceptional spaces,” said Bipin Parmar, Managing Director, PARÉ Innovations.
In the next few years, the company aims to go for a potential public listing to further fuel its expansion and market reach.
Edited by Suman Singh