Asset management company Anicut Capital on Friday announced an investment of Rs 133 crore in IT services company TAO Digital Solutions from its third private credit fund Grand Anicut Fund (GAF) 4. The funds will be utilised by TAO Digital Solutions to acquire data intelligence services company TriGeo Technologies to expand its digitisation services.
TAO Digital Solutions offers technology services focused on product engineering, managed services, cybersecurity, digitization and payment solutions. The company has a global presence with offices across multiple regions and a team of over 2,400 professionals worldwide.
Commenting on the deal, Rajkumar Velagapudi, CEO of TAO Digital Solutions said, “This will play a pivotal role in elevating our offerings to our customers and help us take the next leap in our journey. With the acquisition of TriGeo, our platform is set to incorporate digitization services, annotation & labelling, 3D modelling, and digital twinning capabilities to better serve our customers.”
Over the past seven months, Anicut Capital’s GAF-4 has deployed over Rs 220 crores in the technology, ITeS, electronics manufacturing, and engineering services sectors. Launched in Q1 FY24, GAF-4 is a Rs 1,000 crore fund with an additional green shoe option of Rs 500 crore to back industries with significant tailwinds and businesses having strong cash flows coupled with strong growth.
“We strongly believe that TAO is poised to become a market leader soon, propelled by their technological advancements and with the acquisition of TriGeo, TAO has already taken the first step in that direction,” said A. Jayaseelan, Partner and Chief Credit Officer, Anicut Capital.
Anicut Capital currently manages two debt funds, one angel fund and one early growth equity fund with cumulative assets under management of Rs 3,000 crore with investments in early and growth-stage enterprises including Wow! Momo, Bira, Sugar Cosmetics, Blue Tokai, Sharechat, Mcaffeine, XYXX, Agnikul, Eplane, Impresario, Lendingkart and more.
The global digital transformation market size is estimated to grow from $695.5 billion in 2023 to $3,144.9 billion by 2030, at a compound annual growth rate of 24.1 per cent during the forecast period, according to a report by research firm MarketsandMarkets.