Security and surveillance solution provider Vehant Technologies said Tuesday it has raised $9 million (Rs 77 crore) in a mezzanine round from the private credit fund of homegrown alternative investment firm True North.
True North’s private credit fund, which raised Rs 1,300 crore to hit final close last year, will invest in Vehant through non-convertible debentures.
The company plans to use 75% of the funds to increase its R&D activities to improve its current offerings and develop solutions for aviation security, smart cities, and enterprise analytics. It will use the remaining 25% on exports to key markets in the Middle East and Europe, it said in a statement.
Vehant said it expects these investments to help the company achieve revenue of up to Rs 350 crore for FY26, even as it plans to float an initial public offering in the calendar year 2026. The company also plans to hire more than 75 R&D specialists to increase the team size to over 500 members.
“This fundraise from True North will help us develop and launch more cutting-edge products in the areas of aviation security, smart and safe cities and enterprise analytics solutions,” said Kapil Bardeja, chief executive officer and co-founder of Vehant Technologies.
Kapil Singhal, managing partner of private credit at True North, said the investment will strengthen Vehant’s R&D capabilities and technology moat.
Safire Capital acted as the exclusive financial advisor. Cyril Amarchand Mangaldas acted as the legal counsel on the transaction.