The acquisitions are in alignment with the company's aggressive growth strategy to become a pure play engineering research and development services (ERDS) provider with end-to-end capabilities and significant global footprint, a company release said.
Allygrow was founded by Prashant Kamat with USD 20 million funding led by Zodius Capital in August 2015.
"The investments in the two companies will help us build upon the complementary strengths of each entity and create a comprehensive service portfolio spanning across concept engineering to manufacturing support for customers globally," Kamat said.
"Our aim is to reach USD 100 million in revenue over the next 4 to 5 years and gain impetus in areas such as aerospace, medical technology and embedded space," he added.
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Equirus Capital advised Allygrow on both the transactions.
"The engineering services space is seeing good traction globally and Allygrow, with its vast management experience in this space is perfectly poised to benefit from these acquisitions," Equirus Capital Managing Director Ajit Deshmukh said.
Ranal has its delivery centres in US (Detroit) and India (Bangalore and Pune).
Allygrow Technologies is focused on core engineering design, development and manufacturing engineering services for the automotive, aerospace, hi-tech, medical devices and heavy industries.