Pune-based startup Allygrow Technologies today said it has acquired Germany-based AE Automotive Elements GmbH, a high end product development firm, and engineering services arm of US-headquartered Ranal, a specialised manufacturing engineering services provider.
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.
"Furthermore, in terms of top line, these acquisitions have enabled Allygrow to attain revenue of around USD 15 million mark in less than six months, manifesting in the fast-track growth we are committed to.
"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.
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.
Zodius Senior Managing Director and Chief Executive Neeraj Bhargava said, "We are highly excited investors and we look forward to rapid growth and the Allygrow team building a truly world class global company."
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.
