New Delhi: The US private equity fund, Warburg Pincus, has invested $75 million in QuEST Global Services Pte Ltd, the Bangalore-based provider of outsourced engineering services, for a minority ownership stake.
The deal was fought-over by a number of large private equity groups, including ChrysCapital and KKR.
The engineering outsourcing firm was founded by Ajit Prabhu and Aravind Melligeri
Quest’s rivals are HCL Technologies , Infosys and Tata Consultancy Services, all Indian establishments. The company has indicated it intends to use $20m of the investment to pay down debt, and the rest to finance growth, including potential acquisitions.
The firm’s CEO Ajit Prabhu, said: “We are delighted to be working with Warburg Pincus, a firm with significant experience of investing in technology and technology-enabled service providers. Through this investment we plan to fund our infrastructure development and invest in strengthening our core business to expand growing needs of our customers.”