New Delhi, Oct. 30 -- Emerging markets-focused private equity firm Affirma Capital has made its first bet from its maiden India-focussed fund, Agastya Capital India Growth Fund, as it invested in engineering services firm RMSI to scale its business.
The Singapore-headquartered PE firm, created in December 2018 when Standard Chartered Bank spun off its PE business, has led a $56 million (around Rs 497 crore) investment in RMSI along with 360 ONE Asset.
Meanwhile, 360 ONE Asset deployed from its secondaries and technology-focused strategies.
"We look forward to working closely with them (the company) to further strengthen the leadership team, pursue strategic and inorganic growth opportunities, and leverage our global network to scale the business," said Udai Dhawan, founding partner and India head of Affirma Capital, which manages approximately $3.2 billion in assets.
"We are excited to work with them in the next phase of the company's journey towards its IPO," said Sandeep Maheshwari, senior fund manager at 360 ONE Asset.
"We look forward to the partnership with Affirma Capital and 360 ONE Asset to accelerate growth and solidify our position in the spatial, engineering, and AI/ML markets," said Rajiv Kapoor, chairman and managing Director of RMSI.
Founded in 1991, RMSI offers software solutions to private companies, government-run entities and multilateral funding agencies, according to VCCEdge. The company's net consolidated sales in FY24 was Rs 551.10 crore, a nearly 15% increase from Rs 479.99 crore the previous year. Consolidated profit of the company jumped to Rs 90.90 crore in FY24 from Rs 57.63 crore the previous year.
Affirma's maiden India fund is looking to bag Rs 200 crore to Rs 500 crore stake in consumer, healthcare, technology, and financial-services sector companies with enterprise values between Rs 500 and Rs 2,500 crore.
The PE firm recently exited a legacy bet with modest returns, which was less than half the benchmark target.
Published by HT Digital Content Services with permission from VC Circle.