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+.