TechM in Talks to Raise Funds for its 3 Startups
Bengaluru: Tech Mahindra said it is talking to strategic players, venture capital firms and private equity players to raise external funding in the three startups it has built internally, as it moves ahead with plans to spin them off.
The startups include its Saral Rozgar platform, its digital payments business MoboMoney and a microgrid-as-a-service business. Tech Mahindra had said last year that it planned to spin them off in the next 18 months.
“We are talking to a number of players for investments but in this environment it is taking a little time. The fund raise may not happen this quarter or the next but it will happen soon,” Jagdish Mitra, chief strategy and marketing officer at Tech Mahindra, told ET. Mitra also heads the company’s Growthfactories initiative, which looks after the startups. Mitra said though the company was talking to venture capital, PE and strategic partners, he believed a strategic partner investment was more likely.
ET had earlier reported that the Canadian state of Ontario was interested in funding the microgrid-as-a-service startup. The startup has already signed a MoU with the Centre for Urban Energy, part of the Ryerson University, which is located in Toronto, Ontario.
TechM had said last year it planned to spin its startups off in the next 18 months