Marathon Edge, the private equity fund set up by former Bain Capital principal Nikhil Raghavan, has agreed to invest up to $10 million (Rs 69.45 crore) in retail software platform Ginesys.
Ginesys, owned by Kolkata-based Ginni Systems Ltd, said in a statement it will use the capital to improve its product offering.
Ginni founder and chief executive officer Prashant Lohia said the company would also use the funding to invest in its technology and organisation as well as to make strategic acquisitions. He added that the company was in the process of introducing products that would cater to the changing landscape of the Indian retail sector.
Founded in 2006, Ginni says it provides its clients with a full-service suite designed to make the retail process efficient. Its services include point-of-sales and enterprise resource planning software, procurement and distribution solutions, sales and distribution services and notification provisions.
The company, which has a 150-member-strong team spread across five cities in the country, counts brands such as Manyavar, Ananda Dairy, Global Desi and Skechers as its clients.
Marathon was founded in 2018 by Raghavan and former JM Financial executive Prakash Chellam. The PE firm was aiming to scoop up between $125-150 million to make technology investments, a Mint report said in March 2018.
Since then, it seems to have broadened its scope. According to its website, the firm plans to make investments in consumer, technology and healthcare companies with a strong financial track record.
It made its first known investment in January, acquiring a 1.8% stake in BharatMatrimony for Rs 19.5 crore.
