New Delhi, June 11 -- Growth-stage private equity firm Lighthouse Funds has invested Rs 300 crore ($35 million) in construction technology company Knest Manufacturers Pvt Ltd, making it the sixth investment from its recently closed fourth fund.
Knest will use the funding to deepen its R&D efforts, expand manufacturing capabilities, and integrate backwards, the company said in a statement on Wednesday.
Founded in 2015, Knest specialises in next-generation building systems such as aluminium formwork and patented hydraulic safety screens. Headquartered in Pune, the company operates three manufacturing facilities in Maharashtra and Gujarat, with an annual capacity of over 2 million square metres of aluminium formwork and an expanding line of construction safety solutions.
Knest says its aluminium formwork systems are custom-designed to enable faster construction cycles while improving the quality of finishing and reducing labour intensity.
Beyond this, the company is set to expand into new categories in formwork and allied construction technology solutions. Knest said that the investment is also in line with its sustainability-driven initiatives. By replacing timber-based formwork, the company's solutions help reduce deforestation.
Sachin Bhartiya, co-founder and Partner at Lighthouse Funds, said: "Knest exemplifies the kind of future-forward, mission-led company we love to back, as they're fundamentally transforming how buildings go up."
Systematix Corporate Services Ltd acted as the exclusive advisor on this transaction.
Lighthouse Funds has previously backed companies including Bikaji Foods, Cera Sanitaryware, Dhanuka Agritech, Duroflex Mattresses, Fabindia, Kama Ayurveda, Kushal's Retail, Nykaa, Parsons Nutritionals, Poly Medicure, Safari, Shaily Engineering, Stylam Industries, Tynor Orthotics, Unibic Foods and Wow! Momo, among others.
In November 2024, VCCircle had reported that Lighthouse closed its fourth fund at Rs 4,000 crore ($475 million), exceeding its target of Rs 2,800 crore.
In April, it invested Rs 225 crore ($26.4 million) in Mumbai-based direct-to-consumer premium bridal and festive wear brand Kalki Fashion.
The fourth fund has already deployed 30% of the corpus, with Kalki being its fifth investment pick. The new portfolio includes fashion jewellery retailer Kushal's, luggage and travel accessories brand Safari, contract manufacturer Parsons Nutritionals, and medical consumables firm Poly Medicure.
Published by HT Digital Content Services with permission from VC Circle.