Indigo Paints
Corporate brand
UnclaimedIndigo Paints is an Indian manufacturer and distributor of decorative paints and related construction-chemical products.
Last updated August 31, 2026
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Overview
Indigo Paints Limited is an Indian paints and coatings company headquartered in Pune, Maharashtra. Founded by Hemant Jalan in 2000, the business initially focused on manufacturing cement paint and subsequently expanded into a broad decorative-paints portfolio. Its products include emulsions, enamels, waterproofing materials, construction chemicals, wood coatings, distempers, primers, putties and cement paints. The company developed from a smaller cement-paint manufacturer into a national decorative-paints competitor by building distribution coverage across India. In December 2019, the company stated that its network extended across all 27 Indian states and seven union territories. Its manufacturing footprint includes five facilities located in Jodhpur, Kochi and Pudukkottai, supporting production and distribution for its domestic market. Indigo Paints has used brand-building and product differentiation to compete in a market traditionally dominated by larger Indian paint companies. In 2018, it appointed cricketer Mahendra Singh Dhoni as a brand ambassador. The association gave the company a high-profile national advertising presence. In 2022, it also appointed actor Mohanlal to promote its products in Kerala, strengthening its regional marketing activity in an important state market. Institutional investment supported the company’s expansion. Sequoia Capital invested in Indigo Paints in 2014 and made a further investment in 2016. The company completed an initial public offering in January 2021, attracting anchor participation from a range of institutional investors. It subsequently listed on the National Stock Exchange of India and the Bombay Stock Exchange in February 2021. In 2023, Indigo Paints broadened its scope beyond conventional decorative coatings by entering waterproofing and construction chemicals through the acquisition of a 51 percent stake in Apple Chemie India Private Limited. This move extended the company’s addressable market into adjacent building-material applications. By 2021, it was described as the fifth-largest player by revenue in India’s decorative-paints industry. The company remains an active Indian paints brand with a portfolio spanning architectural coatings and related surface-protection products.
History
Indigo Paints was established in 2000 by Hemant Jalan with an initial focus on cement paint manufacturing. From that base, the company expanded into decorative coatings and developed a larger portfolio covering emulsions, enamels, distempers, primers, putties, wood coatings and other products used in residential and commercial construction. The company’s growth depended on expanding manufacturing capacity and distribution rather than remaining a narrowly focused cement-paint producer. Its manufacturing facilities are located in Jodhpur, Kochi and Pudukkottai, with five facilities reported in total. By December 2019, Indigo Paints said that it had built distribution coverage across 27 states and seven union territories of India. This national network helped it compete in the country’s highly concentrated decorative-paints market. External capital became an important part of the company’s expansion. Sequoia Capital first invested ₹55 crore in 2014 and invested an additional ₹95 crore in 2016. Indigo Paints also increased its public brand visibility. In 2018, it appointed Mahendra Singh Dhoni as a brand ambassador, linking the brand to one of India’s best-known sporting personalities. The company later appointed Malayalam actor Mohanlal as a brand ambassador in 2022 for promotional activity in Kerala. Indigo Paints reached a major corporate milestone with its initial public offering, launched on 20 January 2021. The offering was reported at approximately ₹1,170 crore, with a price band of ₹1,488–1,490 per share. It was heavily oversubscribed, and the company listed on the NSE and BSE in February 2021. The IPO included anchor participation from domestic and international institutional investors, including the Government of Singapore, Fidelity, Goldman Sachs, Nomura, HSBC and several Indian mutual-fund institutions. The company continued to broaden its business after listing. In 2023, it acquired a 51 percent stake in Apple Chemie India Private Limited, giving it an entry into waterproofing and construction chemicals. This transaction extended Indigo Paints beyond decorative surface finishes into products associated with building protection and construction applications. By 2021, the company was described as India’s fifth-largest decorative-paints player by revenue. Its development therefore reflects a progression from a cement-paint manufacturer to a listed, multi-category Indian coatings company with national distribution and adjacent construction-material ambitions.
- 2023
Entry into waterproofing and construction chemicals
[1]Indigo Paints acquired a 51 percent stake in Apple Chemie India Private Limited and entered adjacent construction-chemical categories.
- 2022
Mohanlal appointed regional brand ambassador
[1]The company appointed actor Mohanlal to promote its products in Kerala.
- 2021
Initial public offering
[1]Indigo Paints launched an IPO in January and subsequently listed on the NSE and BSE in February.
- 2019
National distribution coverage reported
[1]The company stated that its distribution network covered 27 states and seven union territories.
- 2018
Mahendra Singh Dhoni appointed brand ambassador
[1]The company appointed Indian cricketer Mahendra Singh Dhoni as a brand ambassador.
- 2016
Additional Sequoia Capital investment
[1]Sequoia Capital made a further reported investment of ₹95 crore.
- 2014
First reported Sequoia Capital investment
[1]Sequoia Capital invested ₹55 crore in Indigo Paints, supporting the company’s expansion.
- 2000
Company founded
[1]Hemant Jalan founded Indigo Paints, initially focusing the business on cement paint manufacturing.
Products and positioning
A national Indian decorative-paints challenger combining a broad architectural-coatings portfolio with product differentiation, extensive distribution and expansion into waterproofing and construction chemicals.
Decorative paints
Decorative emulsions
Emulsion paints form a core part of Indigo Paints’ architectural-coatings portfolio. They are used on interior and exterior walls and are positioned for residential and other building-decoration applications. The category sits at the center of the company’s expansion from cement paint into a broader decorative-paints business.
Decorative paints
Enamel paints
Indigo Paints manufactures enamel coatings for applications requiring a harder, more durable finish than ordinary wall paint. Such products are commonly used on selected metal, wood and other prepared surfaces within household and building-maintenance work.
Decorative paints · 2000
Cement paints
Cement paint was the company’s original manufacturing focus when Indigo Paints was founded in 2000. The category remains part of its broader coatings portfolio and connects the company’s early operating history with its later national decorative-paints business.
Surface preparation and wall finishes
Primers, putties and distempers
The company’s preparation and wall-finish products include primers, putties and distempers. These materials support surface preparation, smoothing and finishing before or alongside the application of decorative paints, giving Indigo Paints a more complete offering for construction and renovation projects.
Construction chemicals · 2023
Waterproofing and construction chemicals
Indigo Paints entered waterproofing and construction chemicals in 2023 through its acquisition of a majority stake in Apple Chemie India Private Limited. The move extended the company into building-protection and construction applications adjacent to its established decorative-coatings business.
Specialty coatings
Wood coatings
Wood coatings are part of Indigo Paints’ specialty-product range. They broaden the company’s addressable applications beyond walls and provide coatings for wood surfaces used in interior and building-related environments.
Marketing campaigns
- 2022Mohanlal Kerala promotion
Kerala, India
The company onboarded Malayalam actor Mohanlal to promote its products in Kerala, adding regionally relevant celebrity representation to its marketing activity.
Outcome. Strengthened regional promotional reach in Kerala.
- 2018Mahendra Singh Dhoni brand ambassador campaign
India
Indigo Paints appointed Mahendra Singh Dhoni as a brand ambassador, using his national profile to increase awareness for the company’s decorative-paints portfolio.
Outcome. Expanded national brand visibility.
Brand decisions
2023
Acquire majority stake in Apple Chemie IndiaM&ABackground
Indigo Paints sought to extend its business beyond decorative paints into waterproofing and construction chemicals.
Action taken
The company acquired a 51 percent stake in Apple Chemie India Private Limited.
Aftermath
The transaction gave Indigo Paints a presence in adjacent construction-chemical and building-protection categories.
2021
Proceed with initial public offeringOtherBackground
Indigo Paints pursued a public-market listing to raise capital and broaden its institutional shareholder base.
Action taken
The company launched its IPO on 20 January 2021, reporting an issue of approximately ₹1,170 crore and a price band of ₹1,488–1,490 per share.
Aftermath
The issue was reported as heavily oversubscribed, and Indigo Paints began trading on the NSE and BSE in February 2021.
IPO issue size. Approximately ₹1,170 crore raised through the offering (January 2021)
Recent events
Reported
Indigo Paints reports Q4 and FY2021 results[2]
Indigo Paints approved and reported financial results for the quarter and financial year ended March 31, 2021. The company reported quarterly net revenue of Rs 254.27 crores and annual net profit of Rs 70.85 crores.
- Unconfirmed
Reported
Indigo Paints files for IPO[3]
Indigo Paints filed preliminary papers with India's securities regulator for an IPO expected to raise about Rs 1,000 crore.
Sources5 sources
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