 "Former Mahindra Engineering Services CEO floated Allygrow raises $20 mn")
The company will utilise the money to set up its operating infrastructure, build a global team and make strategic acquisitions.
Allygrow will serve industries such as aerospace, automotive, hi-tech, heavy industries, and medical devices amongst others. The company is being led by the founder and CEO, Prashant Kamat, former CEO of Mahindra Engineering Services.
Prashant had managed ing operations, business development and cross-border transactions to take the company to generating Rs. 250 crores in revenue and attractive profits, and eventually seeing through the company to its sale to Tech Mahindra.
Neeraj Bhargava, Senior Managing Director & CEO, Zodius commented that "our investment will fuel both organic growth and some early acquisitions that the company intends to make in the near future."
Kamat said said that the Engineering Services space is at an inflection point. It is poised for exponential growth with traditional sectors like automobiles and aerospace moving towards digital platforms, and sectors such as medical devices and next-generation electronics leveraging benefits of the Internet-of-Things revolution.
He is starting this venture with the backing of a savvy investor like Zodius and a seasoned entrepreneur such as Atul Nishar.
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Company's release said industry estimates show that the Indian Engineering and Research & Development (ERDS) industry has grown by nearly $10 billion over the last 5 years, and is expected to double in the next five years.
"Allygrow will leverage the huge opportunity with its competencies and focus in the engineering services domain. It plans to invest significantly in applied R&D, developing tools and sub-systems to bolster its capabilities in embedded and connected electronics, both hardware and software," according to company's release.