SFO Technologies Pvt Ltd, a part of the Kochi-based NeST Group, has raised Rs 101 crore from IL&FS Investment Managers (IIML) and Hong Kong-based fund manager Asia Mezzanine Capital Group (AMCG). This is a part of the $37.5 million raised by the company from an investor consortium comprising of three PE investors – Franklin Templeton Private Equity Strategy, a portfolio managed by Franklin Templeton Asset Management (India) Pvt Ltd; IL&FS Investment Managers (IIML) and Asia Mezzanine Capital Group (AMCG).
Franklin Templeton Asset Management (India) Pvt Ltd (FT India) said that its PE arm had invested Rs 67.5 crore in SFO. The company had earlier raised capital from India Value Fund Advisors.
The current funding will enable SFO to strengthen its manufacturing and design facilities in Cochin and Bangalore, apart from enabling the company to look at acquisitions in the USA and Europe. SFO is also targeting an IPO in the next 12-18 months.
SFO, which employs around 4,000 people, is one of the largest electronic manufacturing services (EMS) players in India, focused on low-volume, high-mix products in emerging segments such as healthcare, automotive and industrial space. SFO provides services across the entire spectrum, including design, manufacturing and embedded software development.
o3 Capital was the exclusive financial advisor to SFO Technologies on this transaction.