Tata Technologies, a global leader in engineering services outsourcing and product development IT, today announced completion of a round of equity funding for Rs141.06 crore ($30 million) from Alpha TC Holdings Pte Ltd and Tata Capital Growth Fund I.
According to the company, the investment represents a 13.04 per cent equity stake on fully diluted basis.
Alpha TC Holdings Pte Ltd and Tata Capital Growth Fund I, focused on investing in mid-sized companies, are market segment leaders with demonstrated high growth potential, it added.
According to Patrick McGoldrick, Tata Technologies managing director and CEO, with the investment, Tata Technologies would continue to aggressively grow its business and provide its customers with better, more innovative products.
Singapore incorporated Alpha TC Holdings is a wholly owned subsidiary of Mizuho Securities and other investors. Like Tata Capital, venture capital fund Alpha TC invests in mid-sized companies in India.
Through such investments, Alpha expects to offer Indian businesses a chance to connect with potential Japanese customers.
Tata Technologies has not specified where it plans to apply the fresh funds.
Over the past five years, the revenue of the company has doubled with net profit registering a 38.15 per cent growth from Rs65 crore in fiscal 2009 to Rs91 crore, in fiscal 2010, an increase of around 3 per cent.