TPG Capital, Bain Capital and CVC Capital vie for majority stake in Baazar Kolkata's parent

TPG Capital, Bain Capital and CVC Capital are the main contenders for a majority stake in Baazar Retail, the operator of Baazar Kolkata, with a targeted valuation above Rs 5,000 crore. Business News Today reported the interest, citing people familiar with the matter. Existing investors Siguler Guff, O3 Alternatives and NR Group, who hold around 51 per cent, are exploring a complete exit.

TPG, Bain and CVC Lead the Baazar Retail Race

One of the people told Business News Today that TPG Capital, Bain Capital and CVC Capital are the main contenders for the proposed transaction, though other funds could join at a later stage. Two other people confirmed the interest of the three private equity suitors, and one of them said the targeted valuation for the retail chain is upwards of Rs 5,000 crore.

According to a fourth person, Siguler Guff & Company is also exploring a continuation vehicle structure in a parallel process, bundling some of its additional domestic portfolio assets with Baazar Retail and extending the holding period by transferring them from an older fund to a new fund. A fifth person said the global private equity players may partner with a domestic investor or fund if required, in which case consortiums may be formed. Investment bank 03 Capital is acting as the sell-side advisor.

Siguler Guff and TPG Capital declined to comment when contacted. Email queries to Baazar Retail and its promoters, O3 Alternatives, NR Group, CVC Capital, Bain Capital and O3 Capital remained unanswered at the time of publishing, and text messages to Manoj Khemka, Founder and MD of Baazar Kolkata, and executives at NR Group also went unanswered.

Baazar Retail trades mainly in men's, women's and kids garments and began operations with one store in Kolkata in August 2002. Its website lists more than 250 stores across West Bengal, Bihar, Tripura, Odisha, Sikkim and other states, with more in the pipeline. In November 2018, Siguler Guff, 03 Alternatives and NR Group invested for around 51 per cent of Baazar Retail. A Crisil Ratings report dated January 6, 2026, reaffirmed a stable outlook for Baazar Retail Private Ltd, citing its established market position, the industry experience of its promoters, its diverse geographical presence and prudent working capital management.

TPG's Earlier India Deals

In June 2026, Tishhanews reported that Warburg Pincus, KKR, TPG Capital, Advent International, CVC Capital Partners, Permira and Kedaara Capital were evaluating bids for a 25% stake in Cloudnine, India's largest maternity and pediatric healthcare chain. In August 2026, Medical Buyer reported that TPG Capital and Permira were competing to acquire a minority stake in Cloudnine, with the deal potentially valuing Kids Clinic India at approximately ₹11,000 crore.