Hinduja Tech, a mobility-focused global engineering R&D services company and a subsidiary of Ashok Leyland, is raising $50 million in funding from Malaysia-headquartered private equity (PE) firm Creador, per an announcement.
The company, which has garnered a post-money valuation of $255 million, is divesting a 19.6% stake to garner the funding.
The funding will help Hinduja Tech augment its existing capabilities in research and development (R&D) through organic and inorganic means and enhance its global footprint.
“We have an ambitious growth plan in the sustainable engineering mobility segment… their (Creador’s) investment will allow Hinduja Tech to accelerate its global growth plans,” said Kumar Prabhas, CEO of Hinduja Tech, in a statement.
Meanwhile, Anish Kedia, Director at Creador, noted: “Hinduja Tech has established itself as a key player in the mobility ER&D industry with marquee customers across the globe.”
The company claims to have collaborated with numerous players in mobility space in the past, to support its development and production efforts across various segments, from traditional buses and sports cars to electric and autonomous vehicles.
In FY 2023, Hinduja Tech had acquired Drive System Design, a UK- and US-based company, specialising in e-powertrain design.
Creador, established in 2011, bets big on sectors such as consumer, retail, financial services, and healthcare, in India, apart from the Southeast market where it invests in countries such as Singapore, Vietnam, and the Philippines, besides its headquarters, Malaysia.
It has so far raised over $2 billion across all investment vehicles since its inception in 2011. It counts Accumax Lab Devices among its India portfolio.
In Southeast Asia, the PE firm has a host of investments that include Angkas (a two-wheeler ride-hailing startup) and Uno Digital Bank, among others.
