Mumbai: Tata Technologies on Tuesday said it has completed a round of equity funding for Rs 141.06 crore ($30 million) from Alpha TC Holdings Pte Ltd and Tata Capital Growth Fund I.
The investment represents a 13.04% equity stake on a fully diluted basis, said a release from Tata Technologies, an engineering and design company that provides software for automotive, aerospace, industrial as well as consumer goods.
Alpha TC Holdings and Tata Capital Growth specialise in investing in mid-sized firms within India that are market segment leaders and demonstrate a high growth potential.
Tata Technologies managing director and CEO Patrick McGoldrick said, “we welcome our new investors, their vote of confidence in the business model we have created and their commitment to help us grow our company. With this investment, we will continue to aggressively grow our business and provide our customers with better, more innovative products.”
“Mizuho Securities is pleased with the investment made by Alpha TC Holdings in a top-quality engineering and product development company like Tata Technologies,” Mizuho Securities head of investment department Shigeki Usuki said.
“Tata Technologies has strong expertise in manufacturing-related verticals. We are confident that its highly-talented executive leadership will leverage the business model and macro factors, as well as its incumbent advantage to create the top specialised engineering and product development business in India,” Tata Capital Growth Fund managing partner Akhil Awasthi said.