TechM in Talks to Raise Funds for its 3 Star­tups

The Economic Times - - Companies: Pursuit Of Profit - Jochelle.Men­donca@ times­group.com

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

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