Contract smart TV manufacturer Veira Electronics on Tuesday said it has received Rs 130 crore in funding from Bharat Value Fund, which marks the closure of its pre-IPO placement round. The fresh funding will help in the expansion of Veira Group, which operates two facilities in Noida, Uttar Pradesh, with a production capacity of up to 3 million TVs annually.
"The investment marks successful closure of its Pre-IPO placement round," it said.
Bharat Value Fund CIO Madhu Lunawat said Veira's financial performance has been impressive with sales growing at a 55% CAGR between FY22-24, reaching Rs 865 crore in fiscal 2024.
"India's smart TV manufacturing industry, valued at $11.53 billion in 2023, is projected to reach $32.57 billion by 2030, growing at a CAGR of 17%,' she said.
"Our investment in Veira is a step in contributing to the growth of India's growing and evolving TV market, with key players that have the potential to reshape TV manufacturing." Its TV portfolio incorporates the largest basket of operating systems like Tizen, WebOS, Google, and Coolita, covering all categories, including HD, FHD, 4K, LED, OLED, and QLED.
Veira Managing Director Ankit Mani said, "We are a complete end-to-end solution provider for brands entering the Indian market, with a dependable team offering R&D, sourcing, design, manufacturing, assembly, final testing, and reverse logistics services."
Bharat Value Fund is a Category II Alternative Investment Fund launched by India Inflection Opportunity Trust and managed by The Wealth Company – formerly Pantomath Capital Management. It has established itself as a prominent fund house in the mid-market sector, investing in profitable growth-stage companies.
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