Kochi-headquartered electronics manufacturing services company SFO Technologies has raised approximately $82 million in a funding round led by growth-stage private equity fund Trident Growth Partners (TGP) and Amicus Capital Partners, with participation from Anicut Continuum Equity Fund and HDFC AMC Select AIF FOF-1.

The company, the flagship of the NeST Group and incorporated in 1990, specialises in mission-critical, low-volume, high-complexity electronics manufacturing for clients across industrial, medical, aerospace, energy, transportation, and communication sectors.

Its products range from subassemblies for MRI machines and power electronics for aircraft landing gear to large-denomination currency counting machines used in casinos. 

24 manufacturing units across India

The company operates 24 manufacturing units across Kochi, Bangalore, and Pune. It’s existing 24 units still carry 25-30% spare capacity, providing near-term headroom before greenfield investment is needed, according to Rajesh Ramaiah, Managing Partner at Trident Growth Partners.

SFO plans to use the proceeds to expand manufacturing capacity over the next 2 years, pursue backward integration through components manufacturing, strengthen its global footprint, and for potential acquisitions both within India and overseas to add specific capabilities.

75% revenue from global clients

About 75% of SFO’s revenue currently comes from global clients, with the remaining 20-25% from India. Ramaiah expects the domestic share to grow faster, driven by spending on railways, defence, and electronics manufacturing infrastructure.

An IPO is on the cards. “We want to get the company prepared over the next 2-3 years so they can hit the market,” Ramaiah said.

This is TGP’s third investment from its Rs 2,000 crore maiden fund. Amicus Capital, which manages $325 million in assets, has now made three bets in specialty manufacturing from its latest fund — the others being Aequs and Manipal Payment & Identity Solutions.

According to data from Tracxn, SFO Technologies posted revenue of Rs 2,893 crore in FY25, up from Rs 2,707 crore the previous year. Net profit stood at Rs 56.5 crore in FY25, growing at a 3-year CAGR of 12%.