Tata Technologies to receive Rs. 141.06 Cr. Equity Funding from Alpha TC Holdings and Tata Capital Growth Fund
Tata Technologies, a global leader in Engineering Services Outsourcing and Product Development IT, announced it has completed a round of equity funding for Rs.141.06 Cr. ($30 million USD) from Alpha TC Holdings Pte. Ltd. and Tata Capital Growth Fund I. The investment represents a 13.04% equity stake on fully diluted basis. Alpha TC Holdings Pte. Ltd. and Tata Capital Growth I, specialize in investing in mid-sized companies within India that are market segment leaders which demonstrate high growth potential.
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Commenting on this significant development, Patrick McGoldrick, Tata Technologies Managing Director and CEO, 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 Pte. Ltd. in a top-quality engineering and product development company like Tata Technologies,” said Shigeki Usuki, Head of Investment Department – Mizuho Securities. “We anticipate that such investments will fulfill the promise of the Fund to connect exceptional Indian businesses to potential Japanese customers.”
“Tata Technologies has strong expertise in manufacturing-related verticals, positioning it in the sweet spot of the third wave of outsourcing. We are confident that its highly-talented international executive leadership will leverage the business model and macro factors, as well as its incumbent advantage to create the top specialized engineering and product development business in India” said Akhil Awasthi, Managing Partner – Tata Capital Growth Fund.
Tata Technologies is the first of its kind in India to offer full-vehicle development capabilities with a robust offshore engineering engagement model to reduce cost and deliver benchmark quality products. Tata Technologies’ revenue has doubled over the past five years and its profits have grown by over 11 times. The company is positioned to become the number-one partner to manufacturers worldwide.
