VigyanLabs, which received initial funding from the Government’s Department of Science and Technology, is in talks with two private equity (PE) firms to raise about $10 million (₹62 crore).
The clean-technology IT company will raise the funds in two tranches, and use the proceeds for expansion. “We are in advanced stages of negotiations with two PE funds to raise $3-4 million and expect to close it by mid-December or early January. This would be our first round of institutional funding,” VigyanLabs Vice-President (Business Development & Strategy) Madhusudhan R told BusinessLine .
Madhusudhan declined to name the PE firms.
The company will use the funding to develop variants of its software Intelligent Power Management Plus (IPM+), buying testing equipment, expanding presence in Japan and the US, and increasing technology team in India to 100 from the present 38.
VigyanLabs will raise a similar or much higher amount in the second tranche 12-18 months later, Madhusudhan said.
It is also in advanced stages of discussions with Indian Android handset makers to supply its power saving suite IPM+.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.