Private equity firm TA Associates has invested in a US$140 million round for a minority stake in Indian branded women’s apparel group TCNS Clothing Company.

Based New Delhi, TCNS designs, manufactures and sells contemporary ethnic wear, targeting women between 25 and 40 years old. Its three brands – Aurelia, W and Wishful – are available in more than 1600 points of sale across India, Mauritius, Sri Lanka and the Middle East, and in more than 300 exclusive stores in more than 100 cities. The brands are also sold through multi-brand retailers and online portals.

“The women’s ethnic apparel market in India is undergoing a shift toward being more organised and branded,” says TA Associates Mumbai director Naresh Patwari. “TCNS Clothing is driving this shift and providing the Indian consumer with a differentiated product and value proposition across its multiple apparel brands.”

“Over the next five years, we expect to see the rise of large and dominant Indian womenswear brands,” says TCNS Clothing CEO Anant Daga. “We are in an exciting phase of our journey.

“Apart from organic growth, we see significant avenues for continued expansion through the introduction of more womenswear brands, as well as expansion into international markets.”

India’s women’s apparel market is predicted to reach about $20 billion in 2020, up from $13 billion last year, a compound annual growth rate of 10 per cent, according to Avendus Capital. The branded segment of this market, about 17 per cent last year, is expected to surpass 38 per cent over the next 10 years.

TCNS had consumer sales worth more than $120 million in its latest fiscal year, marking 70 per cent growth. The company added nearly 100 stores last year and made its international foray with exclusive stores in Sri Lanka and Mauritius.

TA Associates has invested in more than 460 companies internationally and has raised $24 billion in capital. It has offices in Boston, Menlo Park, London, Mumbai and Hong Kong.