Niveshaay Invests INR 10 Cr in True Colors Across Pre-IPO and Anchor Rounds The investment includes INR 5 crore in the pre-IPO round and another INR 5 crore through the anchor book under its CAT III AIF platform.
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Niveshaay, a SEBI-registered Alternative Investment Fund (AIF) manager operating under Category II and Category III platforms, has invested a total of INR 10 crore in True Colors Limited. The investment includes INR 5 crore in the pre-IPO round and another INR 5 crore through the anchor book under its CAT III AIF platform.
The move aligns with Niveshaay's strategy of backing businesses at industry turning points and supporting founders building scalable, technology-led models. The firm has developed a strong footprint in the textile sector with stakes in listed players such as Gokaldas, Kitex, Thomas Scott, and Srikarni, as well as private companies including Sambhv, Waaree, Kotsons, Kimbal Technologies, Sri Chakra Polyplast, Mokobara, Smallcase, and Innovist. Its approach blends capital infusion with mentoring, strategy, and growth partnership.
True Colors, founded in 2021, operates across the digital textile printing value chain. Its integrated model spans trading of high-end machines and inks, in-house sublimation paper production, and customised digital fabric printing services.
The company serves apparel brands, exporters, fabric traders, and home décor manufacturers, and is the authorised distributor of global brands such as Konica Minolta, Hopetech, Itten, Pengda, and Skyjet.
The announcement coincided with True Colors' INR 128 crore Initial Public Offering (IPO), which opened yesterday. The issue, priced between INR 181 and INR 191 per share, closed with strong demand and was listed on the BSE SME platform on September 30, 2025.
The company has demonstrated robust growth over the past three years. Revenues rose to INR 233.65 crore in FY25 from INR 160.08 crore in FY24 and INR 80.66 crore in FY23. Profit after tax jumped to INR 24.68 crore in FY25 compared with INR 8.25 crore in FY24 and INR 3.91 crore in FY23. EBITDA margins expanded to 17.5 percent in FY25 from 6.9 percent in FY23.
Ahead of the IPO, True Colors raised around INR 37 crore from 24 anchor investors, including Niveshaay Hedgehogs Fund, HDFC Bank, Santosh Industries, Finavenue Capital, Pine Oak Global Fund, Shine Star Buildcap, LRSD Securities, and Innovative Vision Fund.
Arvind Kothari, Founder of Niveshaay, said, "True Colors represents the kind of transformation we believe defines the future of Indian manufacturing. With the textile sector shifting decisively toward digital and sustainable models, the company is well positioned to capture growth."
Sanjay Raghubhai Desai, Managing Director of True Colors, added, "Our vision was to transform textile printing with technology, speed, and sustainability at its core. The strong support from anchor investors reaffirms that the market recognises this transition."
