Anicut Capital led Rs 60 Cr Equity & Debt funding raised by BlueBinaries
BlueBinaries, a provider of engineering and technology services, has raised Rs 60 crore ($7.2 million) in an equity and debt round headed by Anicut Capital.
According to a press release from BlueBinaries, the money will be used to expand its current clientele of OEMs and tier I automotive suppliers across international borders, as well as to improve SDV and digital capabilities.
BlueBinaries, which was co-founded in 2017 by Srinivas Aravapalli and Kishore LM, is dedicated to helping its clients 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.
By the end of 2030, market research indicates that the automotive electronics and software market will have grown to a value of over $80 billion.
The Chennai-based business claims to cater to a wide range of clients in APAC, Europe, the UK, and the USA. The platform’s goal is to provide cutting-edge services and solutions for technology to the mobility sector.
Anicut Capital is reportedly raising its third credit fund, with a target corpus of Rs 1,300–1,500 crore, according to media reports. Additionally, the company is about to close the first debt fund it created using the GIFT City framework.
