New Delhi, March 4 -- Bharat Value Fund (BVF), which closed the first tranche of its third fund in January, has invested Rs 130 crore in consumer electronics manufacturer Veira Electronics.
The Noida-based company announced on Tuesday that this new funding marks the closure of its placement round ahead of a public listing, which is planned in the next two-three years. BVF is managed by The Wealth Company under the India Inflection Opportunity Trust (IIOT).
"The company's financial performance has been impressive, with sales growing at a 55% CAGR between FY22-24, reaching Rs 865 crore in FY24," Madhu Lunawat, chief investment officer of Bharat Value Fund, said in a statement. Lunawat is also the managing director of The Wealth Company.
"Our investment in Veira is a step in contributing to the growth of India's growing and evolving TV market with key players that have the potential to reshape TV manufacturing," she added.
Founded in 1975 by Virendra Mani, Veira Group is managed by him alongside Ankit Mani and Sharan Mani. The company manufactures consumer electronic products, including LED TVs, washing machines, air coolers, and multimedia speakers.
For the financial year ended 2024, Veira Electronics, the group's consumer electronics division, reported an 18% increase in operating revenue to Rs 760 crore, up from Rs 640 crore in the previous year, according to VCCEdge, the data research platform of VCCircle.
The group operates two manufacturing facilities in Noida, producing up to 3 million TVs annually for both domestic and international markets.
BVF closed its sector-agnostic Series 3 fund at Rs 1,250 crore in January. The fund has a target corpus of Rs 2,500 crore, with a greenshoe option of Rs 1,000 crore.
The fund focuses on mid-market, high-growth enterprises based in tier II and tier III cities with revenues between Rs 300 crore and Rs 1,000 crore. Its exit strategies include IPOs within 30-36 months, as well as alternatives like secondary sales or mergers and acquisitions.
BVF's recent investments include a Rs 161-crore investment in electric vehicle startup BGauss and funding for Kolkata-based Haldiram Bhujiawala.
Published by HT Digital Content Services with permission from VC Circle.