India-focused fund manager Motilal Oswal Alternates has invested $30 million in India-based engineering firm VVDN Technologies, per an announcement on Thursday.
DealStreetAsia had first reported about the discussions in November last year. VVDN Technologies plans to use the funding for for further expansion of its manufacturing facility and development labs.
VVDN last raised Rs 250 crore from the India Business Excellence Fund – III, a fund managed by Motilal Oswal Private Equity (MOPE), in 2019. The company is also backed by Japan’s Napino Auto.
Established in 2007, VVDN is a manufacturing company focused on designing and making end-to-end products across several technology verticals such as 5G, data centre, vision, networking and Wi-Fi, IoT, cloud, and apps.
VVDN now has 10 advanced product engineering centres in India and six manufacturing facilities in Manesar, Gurgaon, which include an SMT factory, moulding and tooling factory, die casting, sheet metal fabrication, product assembly factory, and product certifications labs.
The company serves global customers across several regions, including the US, Canada, Europe, Vietnam, Korea, and Japan, besides its home market – India.
Motilal Oswal Alternates invests in both traditional and new-age companies with a special focus on sectors such as consumer, financial services, life sciences, and manufacturing. It has so far clocked one investment from the fund in Rajkot-based diaper and hygiene products maker Pan Healthcare.
