Re-feel Cartridge Engineering has announced that UK-based private equity firm, TLG Capital, has picked up a 36 percent stake in the company, investing around $5 million.
Touted as India’s largest and fastest growing printer cartridge refill and laptop repair services' company, Re-feel Cartridge will utilize the funds for expanding its franchisee network and expanding its chain of laptop repair stores.
“TLG Capital will work with us to consolidate and grow our business within India and overseas,” said Samit Lakhotia, Director, Business Development, Re-feel. “The access to fresh capital will allow us to grow in accordance with the market and will help Re-feel stay ahead in the business. TLG’s network in sub-Saharan Africa will also prove invaluable to Re-feel’s expansion beyond Indian borders.”
Zain Latif, Principal, TLG Capital, said: “It is a first deal for TLG in India. Re-feel’s distribution network within India is phenomenal. We will be able to provide other related services in near future. We will also look into replicating this business in sub-Saharan Africa given the similarities between Africa and India. Exporting stream-lined, efficient and cost-effective business models and technology from India to sub-Saharan Africa is a core theme for us.”
TLG Capital's Sidarth Menon has been appointed Chief Financial Adviser at Re-feel.
TLG will work with Re-feel to expand its operations in India, and also get into print managed services and printer servicing. Re-feel’s wholly-owned ClubLaptop subsidiary will offer laptop repairs at half the price of the original manufacturer.
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