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Mint
23-07-2025
- Business
- Mint
India's manufacturing bet draws millions as sector-focused funds surge
Bengaluru: Singularity AMC, the investment firm backed by veteran investor Madhusudhan Kela, is raising capital from select investors seeking exposure to portfolio companies with significant presence in high-growth manufacturing sectors. The fund is mandated to support sectors such as renewable energy, energy storage, transmission and distribution, battery materials, critical energy minerals, defence, electronics, semiconductors, medical devices, nuclear energy, and aerospace and automotive components. 'The deal size will range between ₹250 crore and ₹500 crore alongside co-investors who will invest in high-growth manufacturing companies," said Yash Kela, founder and chief investment officer of Singularity. 'We are aggressively investing in the sector and we believe that there is great potential to invest capital and get scalable exits." Founded in 2016, the firm has invested in several manufacturing companies such as Lohum CleanTech, HEG Ltd, Qucev, Sterling and Wilson Data Center and Silver Consumer Electrics, among others. Some of these companies may eye a public listing in the coming year, charting a viable route for exits for Singularity. New class of sector-specific funds Singularity's push comes as a growing number of investors look to tap India's manufacturing potential. While sector-specific funds remain relatively uncommon in India's investment ecosystem, their rise suggests a shift in strategy as firms pursue more targeted exposure to high-growth verticals. Over the past year, several firms with significant exposure to manufacturing have launched new funds to tap into the sector's potential, even as they continue to invest across other verticals, according to data from Venture Intelligence. These include Amicus Capital, Trident Growth Partners, RevX Capital, Veloce Opportunities Fund, Finnolve, Folks Motor, and Arka Investment Advisory. Amicus Capital has raised $171 million in its first close for a fund targeting $200 million. Trifecta Capital has raised $120 million toward a $240 million goal, while Trident Growth Partners has secured $117 million toward a target of $234 million. While these funds maintain diversified strategies, each has significant exposure to the manufacturing segment. Even smaller firms are reorienting strategies to tap the opportunity. Capital-A, a seed-stage investor, has pivoted its $50 million second fund to focus on manufacturing and deeptech. Founder and lead investor Ankit Kedia attributed the move to 'macroeconomic tailwinds in the country which are pointing towards a very strong manufacturing sector". Other sectors, including proptech, media and climate tech, have also seen increased interest from sectoral funds over the past year. While such strategies have existed in the Indian investment landscape for some time, they are increasingly coming to the fore as investors seek to make more focused bets on sunrise industries to maximize returns. This uptick in activity comes as private equity and venture capital investors look to identify the next wave of companies that will strengthen supply chains and accelerate India's shift toward an export-led economy. Several large manufacturing deals have materialized this year. VIP Industries raised $206 million in a round led by Multiples. Euler Motors secured $75 million from GIC and British International Investments, while Scimplify raised $40 million in a deal led by Accel and Omnivore Partners. Rangsons Aerospace also raised capital in a round led by ValueQuest. According to Venture Intelligence, firms have raised close to $1.9 billion in 2025 so far, about 60% of last year's total of $3.2 billion across 123 deals. Macroeconomic tailwinds and policy push The momentum reflects a shift triggered by pandemic-era supply chain disruptions, which exposed India's reliance on imports and prompted a policy and capital push toward local manufacturing. Several venture capital firms and startups began aligning their focus accordingly. 'We are seeing strong tailwinds from the China-plus-one strategy, which is driving both domestic and global demand for more resilient, distributed, and technology-enabled supply chains," said Prashant Prakash, partner at Accel. Accel recently announced its eighth fund with a $650 million corpus, and has identified manufacturing as one of its key focus areas. The firm has previously invested in companies such as Zetwerk—which derives most of its revenue from international markets—automated composite manufacturer Fabheads, and Nabhdrishti Aerospace, a gas turbine engine company. Motilal Oswal Alternates, another firm leaning into the shift, has strengthened its team over the past two years to sharpen its focus across various manufacturing sub-segments. 'Defence, electronics, automotive and other components are getting added to the entire manufacturing sector," said Prakash Bangla, managing director at the firm, adding that the construction and building materials segments are also expected to pick up. Government initiatives have also played a catalytic role. In 2020, a production-linked incentive (PLI) scheme was launched across 14 sectors, including medical devices, pharmaceuticals, IT hardware, and drones, with a total outlay of ₹1.97 trillion. As of August last year, realized investments stood at ₹1.42 trillion, according to an official release. However, earlier this year, Reuters reported that the government does not plan to extend the scheme beyond its current scope, citing delays in subsidy payouts and difficulties in ramping up production in some sectors. 'What it helped with was to get the ecosystem running. For folks who wanted to build and survive, they've found a way to do it," said Kedia, adding, 'Any business that depends on PLI was never a business to start with." He cautioned that while industries like smartphones, pharma and electronics manufacturing services (EMS) are blue-chip, manufacturing startups must build clear differentiators or risk margin compression across the board. Still, investor interest remains buoyed by targeted policy interventions. Earlier this year, the government launched a new PLI scheme focused on EMS sector, with a proposed investment of ₹59,300 crore and projected incremental production of ₹4.6 trillion. EMS players, whose components serve defence, medical devices, and consumer appliances, are already seeing traction. 'Aerospace and defence, medical devices and semiconductors will be split 40:40:20. India is going to be a huge driver for our semiconductor vertical," said Kaushik Mudda, founder and CEO of Ethereal Machines. Currently, about 80% of the company's revenue comes from exports to other nations. The precision manufacturing startup, backed by Peak XV Partners and Steadview Capital, expects its revenue mix to shift as the national manufacturing focus deepens. Defence and aerospace account for 70% of revenue, while medical devices make up 20%. General engineering and semiconductors contribute 5% each. The flip side of the EMS sector, according to Kedia, is concentration risk, where a company's revenue is concentrated to one or two clients. If they lose those, they risk going under. 'Eventually, for the EMS ecosystem to thrive and survive, they'll need a mix of large, medium and small customers, so they can de-risk and not have more than 10% concentration from one client." Opportunities and gaps Still, challenges remain as India attempts to position itself as a credible alternative to China. Experts say it may take another 10 to 15 years to close the capability gap. 'At the moment, we still rely on China when it comes to tools and tool designing. The other aspect is top-end talent to actually set up plants in sectors like EMS. For a sector like semiconductor manufacturing, we still hardly have the engineers available," said Amarjeet Singh Makhija, partner and markets lead advisory for startups and unicorns at PwC India. Capital-A's Kedia noted that we don't necessarily need cheap labour to compete with China. 'We are seeing that there are ways to automate it, and that's the lever playing out in many startups today, and this will further drive investments in the space." Recent data underscores the tension between bullish sentiment and the real economy. India's manufacturing activity rose to a 14-month high in June, with the HSBC PMI climbing to 58.4 from 57.6 in May—well above its long-run average of 54.1. Yet the Index of Industrial Production (IIP) tells a more muted story. Industrial output grew just 1.2% in May, the slowest pace in nine months. Manufacturing, which accounts for nearly 78% of the index, expanded only 2.6%, down from 3.1% in April and sharply below the 5.1% growth seen a year earlier. As capital, policy, and global demand converge, investors are betting that India's next manufacturing leap will be built not just on cost arbitrage—but on capability.
Entrepreneur
12-07-2025
- Business
- Entrepreneur
Weekly Recap: Top 7 Funding Deals of the Week (July 5–11)
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. The Indian startup ecosystem continues to thrive, attracting investor attention from all corners, whether it's fintech, food-tech, pharmaceuticals, or digital media. From the bustling streets of Mumbai to the innovative hub of GIFT City, we witnessed a wave of exciting funding deals this week designed to spark innovation, broaden reach, and ramp up operations. Let's take a look at seven standout funding deals that showcase the vibrant and dynamic nature of India's entrepreneurial landscape. Credit Wise Capital Inception: 2018 Founders: Aalesh Avlani and Gurpreet Singh Sodhi Based-out: Mumbai Credit Wise Capital offers a range of financial services, including two-wheeler loans, personal loans, and various insurance products like health and life insurance. It also provides digital lending services, including tech-driven underwriting and collections, as well as bike servicing and roadside assistance. Funding Amount: USD 24.10 Million Investor: Trident Growth Partners (TGP) Khetika Inception: 2017 Founders: Dr Prithwi Singh, Darshan Krishnamurthy, and Raghuveer Allada Based-out: Mumbai Khetika is a clean-label food brand that offers staples free from preservatives, including rice, wheat, pulses, dry fruits, and fresh batters. By sourcing directly from Indian farmers, Khetika highlights traditional methods like stone-grinding and fermentation, ensuring that products such as chutneys, spices, and millet-based foods are packed with nutrition and authenticity. Funding Amount: USD 18 Million Investors: Narotam Sekhsaria Family Office, Anicut Capital, Incofin India Progress Fund, Rajasthan Gum, Shree Ram India Gums Arteria Technologies Inception: 2007 Founders: Parag Sushilkumar Jain and Sriram Kanuri Based-out: Bengaluru Arteria Technologies focuses on digitising supply chains using SAP solutions. Its flagship platform, FinessArt, connects supply chain participants, providing analytics, financial visibility, and decision-making tools. It also provides expert consulting services focused on SAP, covering everything from implementation and support to NetWeaver adoption. Funding Amount: USD 12.05 Million Investor: ICICI Venture InPrime Finserv Inception: 2021 Founders: Sneh Thakur, Manish Raj, and Rajat Singh Based-out: Bengaluru InPrime Finserv delivers customised credit solutions to underserved Informal Prime Households, including micro-entrepreneurs and small retailers. Its tech-first model integrates flexible repayment channels and gamified financial literacy programs to promote financial inclusion and empowerment. Funding Amount: USD 6.02 Million Investors: Pravega Ventures, Z47, InfoEdge Ventures, Kettleborough VC Sai Parenterals Limited Inception: 2001 Founder: Anil Karusala Based-out: Hyderabad Sai Parenterals is a pharmaceutical manufacturer offering CDMO services and branded exports. It produces sterile injectables, oral solids, and topical preparations. With five facilities approved by regulatory bodies like TGA and WHO-GMP, it covers the full pharmaceutical value chain from R&D to global distribution. Funding Amount: USD 6.02 Million Investors: Samarsh Capital, Vyom Partners, Blue Lotus Capital Chai Bisket Inception: 2015 Founders: Sharath Chandra and Anurag Reddy Based-out: Hyderabad Chai Bisket is a digital entertainment company known for vernacular content creation, influencer marketing, and film production. Its creative platform "The Stage" nurtures talent through events and workshops, while its new microdrama app "Chai Shots" targets short-form video consumption. Funding Amount: USD 5 Million Investors: InfoEdge Ventures, General Catalyst Belong Inception: 2024 Founders: Ankur Choudhary, Ayush Singh, Sai Sankar M, and Savitri Bobde Based-out: GIFT City Belong is a fintech platform tailored for NRIs, offering services such as fixed deposits, wealth management, and tax filing. The startup aims to simplify cross-border financial management for global Indians with user-friendly and compliant financial solutions. Funding Amount: USD 5 Million Investors: Elevation Capital, Relentless Ventures, and angel investors including Abhiraj Singh Bahl, Varun Khaitan, Akshant Goyal, and Varun Alagh This week's funding deals highlight the robustness and variety of India's startup scene, with capital flowing into finance, food, pharma, tech, and media—signaling investor confidence across the board.
Entrepreneur
08-07-2025
- Business
- Entrepreneur
Credit Wise Capital Raises INR 200 Cr in Funding Led by Trident Growth Partners
The fresh capital aims to fuel expansion across two-wheeler financing, secured loans, and tech-driven credit enablement in tier II - IV Indian cities. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Credit Wise Capital, a leading non-banking financial company (NBFC) specialising in two-wheeler and MSME lending, has raised INR 200 crore in its first institutional funding round, led by Trident Growth Partners (TGP). Of the total investment, INR 120 crore was contributed by TGP, a private equity firm focused on India's consumption-led growth. The capital infusion will be deployed to strengthen Credit Wise Capital's presence in tier II to tier IV cities across India. The company plans to triple its assets under management (AUM) over the next three years, expand its secured lending portfolio, and enhance its proprietary technology stack to accelerate credit inclusion for underserved communities. "This capital will enable us to reach more customers, strengthen our tech stack, and bring formal finance closer to those who have been excluded for too long," said Aalesh Avlani, Co-founder of Credit Wise Capital. "Our mission has always been to make credit simple, fast, and human; and with Trident's support, we are ready to scale that promise and accelerate financial inclusion in Bharat." Founded in 2018 by Aalesh Avlani and Gurpreet Singh Sodhi, Credit Wise Capital offers two-wheeler loans, loans against property (LAP), and licenses its proprietary SaaS-based credit platform to other NBFCs and financial institutions. Operating through a 'phygital' model—combining physical networks with digital underwriting—the company has built a robust presence in over 215 cities across 10 Indian states. As of March 2025, the firm's AUM stood at INR 645 crore, a 32% increase from INR 489 crore the previous year. With over 200,000 two-wheeler loans disbursed and a healthy capital adequacy ratio of 31.2%, Credit Wise Capital is emerging as a key player in India's financial inclusion landscape. "We are delighted to welcome Trident Growth Partners as a strategic partner who shares our long-term vision," added Gurpreet Singh Sodhi. "Their investment reaffirms our belief in leveraging technology and disciplined operations to create a transformative impact on the lending ecosystem." Trident Growth Partners' Managing Partner Atul Gupta noted, "Credit Wise Capital represents exactly the kind of founder-led business we look to back—solving real-world problems with tech-enabled scale. We're proud to support their journey toward becoming a full-stack financial partner for emerging India." With this funding, Credit Wise Capital is poised to expand deeper into Bharat, offering affordable, tech-enabled financial solutions where they are needed most.
Time of India
08-07-2025
- Business
- Time of India
Credit Wise Capital to raise Rs 200 crore through share sale
Credit Wise Capital (CWC), a non-bank lender with a focus on two-wheeler financing , is in the process of raising Rs 200 crore by selling shares in its first ever institutional investment . Bengaluru-based private equity fund Trident Growth Partners has led this funding round with Rs 120 crore for about 18% stake in 2019-born lending start-up, people aware said. The balance Rs 80 crore is being funded by large family offices and other investors. With this, CWC has expanded its net worth to Rs 275 crore. 'Trident Growth Partners is the first institutional investor on board, joining us as a long-term strategic partner,' Aalesh Avlani, co-founder of CWC, told ET. The capital will help the company grow business and strengthen its tech stack. Live Events This marks Trident Growth Partners' second investment in the non-banking space, managing partner Atul Gupta told ET. The private equity player raised Rs 1000 crore at the first close of its debut fund earlier this year. CWC, which started lending in 2021 with Mumbai as the first market, had Rs 646 crore assets under management at the end of March, up 32% from Rs 489 crore a year back. The company's capital adequacy ratio stood at 31.2%, with a gearing of 2.3x and the number of two wheelers financed had crossed over 200,000. "The aim is to take it to Rs 4,500 crore by March 2030 with a 50:50 split between two wheeler loans and micro loans against property," Avlani said. The company started offering Rs 5-10 lakh loans against property (LAP) to its existing borrowers only last month. "The two-wheeler will be the acquisition strategy. It'll be my high ROA product, and microlap will be my high AUM product," Avlani said. CWC follows a branchless model but its technology helped it to cater to customers in 215 cities across 10 states at present.
Economic Times
08-07-2025
- Business
- Economic Times
Credit Wise Capital to raise Rs 200 crore through share sale
Credit Wise Capital, a two-wheeler financier, is securing Rs 200 crore through its initial institutional funding. Synopsis Credit Wise Capital (CWC), a two-wheeler financing-focused non-bank lender, is raising Rs 200 crore through its first institutional investment round led by Trident Growth Partners, who invested Rs 120 crore for an 18% stake. The funding will fuel business growth and enhance CWC's tech capabilities. Credit Wise Capital (CWC), a non-bank lender with a focus on two-wheeler financing, is in the process of raising Rs 200 crore by selling shares in its first ever institutional investment. ADVERTISEMENT Bengaluru-based private equity fund Trident Growth Partners has led this funding round with Rs 120 crore for about 18% stake in 2019-born lending start-up, people aware said. The balance Rs 80 crore is being funded by large family offices and other investors. With this, CWC has expanded its net worth to Rs 275 crore. 'Trident Growth Partners is the first institutional investor on board, joining us as a long-term strategic partner,' Aalesh Avlani, co-founder of CWC, told capital will help the company grow business and strengthen its tech marks Trident Growth Partners' second investment in the non-banking space, managing partner Atul Gupta told ET. The private equity player raised Rs 1000 crore at the first close of its debut fund earlier this year. ADVERTISEMENT CWC, which started lending in 2021 with Mumbai as the first market, had Rs 646 crore assets under management at the end of March, up 32% from Rs 489 crore a year company's capital adequacy ratio stood at 31.2%, with a gearing of 2.3x and the number of two wheelers financed had crossed over 200,000. ADVERTISEMENT "The aim is to take it to Rs 4,500 crore by March 2030 with a 50:50 split between two wheeler loans and micro loans against property," Avlani company started offering Rs 5-10 lakh loans against property (LAP) to its existing borrowers only last month. ADVERTISEMENT "The two-wheeler will be the acquisition strategy. It'll be my high ROA product, and microlap will be my high AUM product," Avlani said. CWC follows a branchless model but its technology helped it to cater to customers in 215 cities across 10 states at present. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
