Anicut Capital managed a combination of financing and equity rounds that brought in INR 60 crore (USD 7.2 million) for the engineering and technology services business BlueBinaries. This calculated investment will help BlueBinaries continue to grow internationally while fulfilling its goal of providing cutting-edge technology services and solutions to the mobility sector.
Kishore LM, co-founder, president, and chief operating officer of BlueBinaries, stated, “This investment from Anicut Capital is a significant milestone for BlueBinaries.” “It will enable us to build on our existing robust customer base of OEMs and Tier I automotive suppliers across geographies, enhance our SDV and digital capabilities, and continue delivering cutting-edge solutions to meet the evolving demands of the industry.”
The goal of BlueBinaries, which was founded in 2017 by Srinivas Aravapalli and Kishore LM, is to help customers develop software-defined vehicles (SDVs) more quickly by providing E/E architecture design and development services as well as digital technologies like cloud, Devops, AI/ML, cyber security, and IOT solutions.
According to the Chennai-based platform, it caters to a wide range of clients in APAC, Europe, the UK, and the USA. Its goal is to provide the transportation sector with state-of-the-art technical solutions and services.
“The overall automotive electronics and software market is expected to grow to over USD 80 billion by 2030, with an increase in demand for safer vehicles, advanced connectivity, and next-gen mobility solutions accelerating digital adoption across the world,” said Dhruv Kapoor, Partner, Anicut Capital. “With deep industry knowledge and strong engineering capabilities, we believe BlueBinaries is well-positioned to lead the industry with end-to-end mobility offerings.”