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Anicut Capital leads Rs 60 Cr round in BlueBinaries

EntrackrEntrackr · 1y ago
Anicut Capital leads Rs 60 Cr round in BlueBinaries
Medial

Engineering and technology services company BlueBinaries has raised Rs 60 crore ($7.2 million) in a mix of debt and equity round led by Anicut Capital. The proceeds will be deployed towards building its existing customer base of OEM’s and tier I automotive suppliers across geographies, enhancing SDV and digital capabilities, BlueBinaries said in a press release. Co-founded in 2017 by Srinivas Aravapalli and Kishore LM, BlueBinaries focuses on accelerating the development of software defined vehicles (SDVs) with E/E Architecture design & development services and Digital technologies like cloud, Devops, AI/ML, cyber security and IOT solutions for its customers. According to market research, the automotive electronics and software market is expected to grow to over $80B by the end of 2030. According to the Chennai-based company, it serves a diverse customer base in Europe, UK, USA and APAC. The platform aims to deliver cutting-edge technological solutions and services for the mobility industry. As per media reports, Anicut Capital is in the process of raising its third credit fund with a target corpus of Rs 1,300-1,500 crore. The firm is also on the verge of closing its first debt fund under the GIFT City structure.

CapGrid Solutions raises $5 Mn led by Anicut Capital

EntrackrEntrackr · 5m ago
CapGrid Solutions raises $5 Mn led by Anicut Capital
Medial

CapGrid Solutions raises $5 Mn led by Anicut Capital B2B manufacturing startup CapGrid Solutions has raised $5 million (around Rs 45 crore) in a funding round led by Anicut Growth Fund. The round also saw participation from existing investors Nexus Venture Partners and Axilor Ventures. Earlier in January 2023, CapGrid had raised $7 million led by Nexus Venture Partners. The round closed at a valuation of Rs 305 crore after the investment, according to an ET report. The proceeds will be used for global expansion and investments in technology to improve supply chain and operational efficiencies. Founded in 2020 by Tiwari and Himanshu Singh Raghuvanshi, CapGrid helps car part makers and suppliers by making it easier to find and buy the materials they need. It helps OEMs procure precision parts and components from suppliers that it has tied up with. CapGrid currently operates around 11 fulfilment centres and has 50 strategic supply manufacturing partners. The Gurugram-based startup claims to have recorded a revenue of around Rs 99 crore in the last fiscal year and expects to reach Rs 220 crore in FY25.

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