New Delhi, Oct. 1 -- Technical textiles manufacturer Indica Industries Pvt Ltd is considering its maiden external fundraise and has hired an investment bank to formalise the process, at least two people familiar with the development told VCCircle.
Noida-based Indica, which manufactures technical products for noise, vibration, heat and insulation management across industry-specific applications, is looking to raise around $100 million (Rs 959 crore) through a private equity round, one of the people cited above said.
The investment banking arm of accounting and consulting major KPMG is believed to be helping the company scout for potential suitors, the second person said.
Founded in 1984, Indica's product portfolio includes solutions for industrial insulation, architecture and interior design, adhesives and tapes, among others. It caters to industries including automotive, heavy equipment, commercial vehicles, medical, consumer appliances and construction. The company's competitors include global players such as ROCKWOOL, Quanex, and 3M, which offer products for heat, noise, vibration management and insulation.
Indica reported net sales of Rs 364 crore in FY25, up from Rs 323 crore a year earlier. However, its profitability declined during the period, with profit after tax falling to Rs 57.3 crore from Rs 81.9 crore, according to VCCEdge, the data and research platform of VCCEdge.
India's insulation market grew to $2.89 billion in 2026 from $2.75 billion in 2025, according to market research and consulting firm IMARC Group. It expects the market to reach $3.94 billion by 2034, implying a CAGR of 3.93% between 2026 and 2034.
Rising construction and infrastructure development in India are driving the demand for insulation materials across residential, commercial and industrial buildings, it added.
Published by HT Digital Content Services with permission from VC Circle.