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.
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.