Norwest invests over Rs 300 cr growth equity in SILA’s realty development business

Global venture and growth equity investment firm Norwest has invested over Rs 300 crore in SILA Properties, the real estate development business of SILA, at a valuation of Rs 1,000 crore, marking a rare growth equity deal in India’s real estate sector.

The investment underscores the relatively uncommon trend of global institutional capital backing real estate developers at the platform level, rather than limiting exposure to individual projects or assets.

This is Norwest’s second investment in SILA group entity after its recent exit from business services platform Sila Services. In April, SILA Services raised Rs 1,000 crore from Permira and family offices associated with Godrej, JSW, Lodha and Sattva. Earlier investors include Norwest, the Piramal family office and former India cricket captain MS Dhoni.


“Our investment in SILA represents a natural next step in our partnership as they enter a new phase of growth. No one is better positioned for the long-term opportunity that the Mumbai Metropolitan Region has to offer as one of India’s most compelling real estate markets,” said Shiv Chaudhary, Managing Director, Norwest.

SILA Group has raised around Rs 1,300 crore of equity at combined valuation of 3,500 crore in the last six months, and Norwest is returning after a strong partial exit in SILA Services business earlier this year.

“Norwest’s last investment was an inflection point for our services business; we hope this one will be the same for our real estate development business. Our plan is to stay within the guardrails we have set for ourselves, be prudent in how we deploy capital, and scale this business steadily over the next few decades,” said Sahil Vora, Founder, SILA.

With this new investment and internal accruals, SILA plans to invest Rs 500 crore in land and new project acquisition over the next two years, across luxury residential projects in South Mumbai and Alibaug, and commercial projects in central and upcoming secondary business districts across Mumbai.

The strengthened capital base is also expected to help SILA attract additional institutional capital through asset-level partnerships and dedicated investment platforms.

Since entering real estate development in 2019, SILA has over 1.5 million sq ft under development, with a gross development value of over Rs 3,000 crore, in key micro markets including South Mumbai’s Malabar Hill, Lower Parel, and Alibaug. SILA Services manages over 450 million sq ft and has advised on over Rs 25,000 crore worth of real estate transactions.

Norwest, which invests in early- to late-stage businesses across key sectors, manages over $15.5 billion in capital globally. In India, Norwest has a successful history in partnering with innovative companies across financials, industrials, technology, internet, healthcare & pharma and consumer sectors. Some of the firm's notable investments in India include Swiggy, Regency Health, Amagi, Infinx, and Veritas Finance.