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#News(Startup) [ via IoTGroup ]
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VVDN Tech raises Rs 250 crore from Motilal Oswal PE fundAuto extracted Text……
CHENNAI: India Business Excellence Fund – III , a fund managed by Motilal Oswal Private Equity (MOPE) said on Wednesday it is investing Rs 250 crore in Gurugram-based VVDN Technologies.Established in 2007 by entrepreneurs Bhupender Saharan, Puneet Agarwal, Vivek Bansal and Murali Jayaraman, VVDN (Voice, Video, Data, Network) is a product engineering, cloud and electronics manufacturing entity.
This is VVDN’s first institutional investment.“The funds will be utilized for acquisitions, expansion of manufacturing facility, engineering development labs and demo rooms, which will help us serve our customers better, improve our capabilities and create value for all the stakeholders,” Bhupender Saharan, co-founder and CEO, VVDN, said.
He expects the partnership with MOPE to accelerate VVDN’s growth and hopes to leverage MOPE’s expertise of taking companies public.Vishal Tulsyan, MD and CEO, MOPE, said that the investment is expected to be released in a month’s time from now from their $325 million India Business Excellence Fund – III.
Other portfolio companies of the fund include Happy Forgings, Symbiotec Pharma Labs, MAS Financials, and others.“Through this partnership with VVDN Technologies, we intend to create a leader of global scale in product engineering and manufacturing of differentiated new-age technology products,” Tulsyan added.VVDN’s customer base includes global semi-conductor companies and large to mid-sized OEMs across 5G, camera and vision automotive, IoT ( Internet of Things), cloud and others.
It counts nine design and delivery centers across Gurgaon, Noida, Bengaluru, Chennai and other locations, employing over 2,000 engineers.
VVDN claims a growth of around 8x in revenues in from FY15 to FY19.JM Financial Services acted as a financial advisor to VVDN for the deal
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AutoTextExtraction by Working BoT using SmartNews 1.02976805238 Build 26 Aug 2019
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