- BlueBinaries secures INR 60 Cr ($7.1 Mn) funding from Anicut Capital to expand its OEM customer base and enhance SDV capabilities.
- Founded in 2017, BlueBinaries offers solutions in Vehicle Engineering, Digital Engineering, and Testing & Homologation for the mobility industry.
- Anicut Capital sees potential in BlueBinaries amid projected growth of the automotive electronics and software market to $80 Bn by 2030.
Mobility engineering and technology services company, BlueBinaries has secured INR 60 Cr (about $7.1 Mn) in funding from Anicut Capital.
Per reports, the funding will be used to grow its customer base of original equipment manufacturers (OEMs) and top-tier automotive suppliers worldwide and to improve its software-defined vehicle (SDV) and digital capabilities, the company announced in a press release.
“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.
Founded in 2017 by Srinivas Aravapalli and Kishore LM, BlueBinaries offers a range of solutions and services in the mobility industry. These include Vehicle Engineering & Systems Development, Digital Engineering & Enterprise IT, and Testing & Homologation.
This investment follows Anicut Capital's recent closing of its first pre-IPO equity fund at INR 300 Cr. Through this fund, they plan to support 5-6 late-stage companies aiming for an IPO in the next two to three years, with investments of INR 50-60 Cr per company.
Reports indicate that Anicut Capital is also raising its third credit fund, targeting Rs 1,300-1,500 crore, and is close to finalizing its first debt fund under the GIFT City structure.
Edited by Harshajit Sarmah
