Tata Capital Innovations Fund, a domestic fund managed by Tata Capital Private Equity, has invested Rs 15 crore ($2.7 million) in Gurgaon-based PLUSS Polymers Pvt Ltd for an undisclosed stake.
Set up in 1993, Gurgaon-headquartered PLUSS Polymers is engaged in research, development and manufacturing of specialised polymers and phase change materials (PCMs). It has also commercialised the technology for grafted modified polymers and alloys & blends. The firm is led by three entrepreneurs and technocrats – Devendra Jain (founder & director – research & development), Samit Jain (director – business development) and AK Mehta (founder & director – manufacturing). The company’s key clientele includes AAPL, Kraiburg, Rhodia and HES Hacillar in the grafted polymer segment and Danone, Nestle and Promethean Power in the PCM segment.
“Investment from Tata Capital Innovations Fund will help expand the capacity and tap new geographies,†said Samit Jain. “PLUSS has seen increased demand from international and domestic clients in the recent past. It also intends to develop and roll out new products through additional funds,†he added.
“PLUSS is a good example of the strength of Indian intellect and entrepreneurship. Through in-house research & development, it has developed products which address topical issues and have wide scale applications,†said Mohan Harshey, partner at Tata Capital Innovations Fund.
Specialised polymers enhance properties of polymer compounds, thus enabling their increased adoption in white goods, auto and plastic film industries. PCMs are used for thermal energy storage and serve to balance & maintain heating/cooling load requirements. With energy becoming scarce, PCMs have significant applications in commercial refrigeration, building and construction, either as backup storage sources or for managing peak demands for heating/cooling.
SEBI-registered Tata Capital Innovations Fund essentially focuses on technology-led innovations which represent breakthrough, fundamental or incremental change in technology or process. It is a sector-agnostic fund and provides capital to startup, early, growth and expansion-stage companies operating in India. This is the third investment by the company till date. Earlier, it had invested in Vortex Engineering and WaterHealth International.
(Edited by Sanghamitra Mandal)