Shopper electronics merchandise producer Veira Electronics raised ₹130 crore from Bharat Worth Fund, marking a closure of its pre-IPO placement spherical, the corporate stated on Tuesday, March 3, in a press launch.
The corporate, with a various portfolio of LED TVs, washing machines, air coolers and multimedia audio system, operates two state-of-the-art services in Noida, Uttar Pradesh. These two services have a manufacturing capability of three million TVs yearly for each home and worldwide markets.
Its TV portfolio consists of varied working methods akin to Tizen, WebOS, Google, and Coolita, protecting all classes, together with HD, FHD, 4K, LED, OLED, and QLED. Between FY22-24, the corporate’s monetary efficiency has been spectacular, with gross sales rising at a 55% CAGR to ₹865 crore in FY24.
Trade pattern
“India’s sensible TV manufacturing trade, valued at USD 11.53 billion in 2023, is projected to succeed in USD 32.57 billion by 2030, rising at a CAGR of 17%. Key development drivers embrace rising disposable incomes, elevated web penetration, and the rising adoption of OTT streaming companies. Our funding in Veira is a step in contributing to the expansion of India’s rising and evolving TV market with key gamers which have the potential to reshape TV manufacturing,” stated Madhu Lunawat, CIO of Bharat Worth Fund.
Bharat Worth Fund is a mid-market sector fund home that invests in worthwhile growth-stage corporations.
Commenting on the funding by Bharat Worth, Ankit Mani, MD at Veira Group, stated that by combining its market experience with BVF’s strong monetary backing, it’s well-positioned to maximise shareholder worth and drive sustainable development. “This collaboration units the stage for creating long-term financial worth, making certain a affluent future for all stakeholders.”
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