BlueBinaries, an engineering and technology services provider for the mobility industry bags INR 60 Cr (which is around $1.7 million) in an undisclosed funding round led by Anicut Capital.
The company is planning to deploy fresh strategies to work on technological solutions and services for the mobility industry and also planning to globally expand its services.
BlueBinaries cofounder Kishore LM said that this investment will help the startup to build on its existing robust customer base of OEMs and Tier 1 automotive suppliers across geographies alongside enhancing the SDV and Digital capabilities.
“The overall automotive electronics and software market is expected to grow to $80 Bn by 2030 with an increase in demand for safer vehicles, advanced connectivity and next-gen mobility solutions accelerating digital adoption across the world. With deep industry knowledge and strong engineering capabilities, we believe BlueBinaries is well-positioned to lead the industry with end-to-end mobility offerings,” Anicut Capital’s partner Dhruv Kapoor said.
Srinivas Aravapalli and Kishore LM founded BlueBinaries in 2017, it provides various solutions and services in the mobility industry, including vehicle Engineering and System Development, Digital Engineering and Enterprise IT, and Testing and Homologation.
This technology service provider company has served a wide range of clients across Europe, the UK, the US, and the Asia-Pacific region, it focuses on the development of software-defined Defined Vehicles (SDVs) and employing technologies such as cloud computing, DevOps, artificial intelligence, machine learning, cybersecurity, and the Internet of Things.
For the financial year FY22, BlueBinaries registered a total revenue of INR 37 Cr from operations while on the other hand, it saw a net loss of INR 4 Cr.
Anicut Capital is an Alternative financing firm (AIF) founded in 2015, it manages six diverse funds, including three debt funds and three equity funds, and they claim to have INR 3,000 Cr in assets under its management.
Besides BlueBinaries, its portfolio startups include The Ayurveda Experience, Wow! Momo, Mistral, BlueBinaries, Bira, Blue Tokai, Milky Mist, XYXX, Wingreens, Neemans, and Agnikul.
This investment comes a month just after Anicut Capital closed its maiden pre-IPO quity fund at INR 300 Cr. Via the fund, the firm will be backing 5-6 late-stage companies on their way to an IPO in the coming two or three years, translating to cheque sizes of INR 50-60 Cr per company.
Earlier in February this year, Anicut Capital also led a series A round for design and engineering startup Illimine-I where a total of INR 17 Cr was raised by the company.
