Allygrow hopes to strengthen product offerings with two global buys.
Pune | RNW | By Priyanka Sangani, ET Bureau | 4 Feb, 2016, 05.00 AM IST.
Six-month old engineering services company Allygrow Technologies has made two global acquisitions in a bid to strengthen its product offerings.
Prashant Kamat, CEO, Allygrow told ET that the company had completed the acquisitions of AE Automotive Elements, headquartered in Germany and the engineering services arm of Ranal, a US headquartered company with a presence in India. "These companies operate in two different service segments — high end concept and product design, and manufacturing respectively.
They bring complementary strengths to our portfolio and give us access to premium customers in Europe and the US," said Kamat, former CEO at Mahindra Engineering Services who started the company six months ago. Allygrow had raised $20 million in August 2015 in a round led by Zodius Technology Fund along with Kamat and IT industry veteran Atul Nishar.
The company did not reveal the size of the two acquisitions. Manfred Weissensteiner, CEO, AE Automotive Elements will stay on with the company and take over as COO, Allygrow.
He said: "Allygrow, which has a global presence and diversified service capabilities, opens a wide range of new opportunities to support our customers globally. We are excited to be a part of this journey." The acquisition gives the company access to customers like General Motors and Valiant in the US, and BMW, Daimler and Magna, among others in Europe. Kamat said: "In terms of topline, these acquisitions have enabled Allygrow to hit $15 million within six months of inception.
This keeps us on track to be at $100 million over the next four-five years. The companies operate in different segments so there won't be any clash between the businesses, instead it gives them scope to grow and cross sell to each other's customers."
Neeraj Bhargava, CEO, Zodius, said: "We are highly excited investors and we look forward to rapid growth and the Allygrow team building a truly world class global company."
Ranal has delivery centers in the US and India in Bengaluru and Pune. Equirus Capital advised Allygrow on both the deals.