BlueBinaries Snags INR 60 Cr To Upgrade Tech Solutions In Mobility Space

BlueBinaries, an engineering and technology services provider for the mobility industry, has bagged INR 60 Cr (around $7.1 Mn) in an undisclosed funding round from Anicut Capital.

The company plans to deploy the fresh proceeds to work on technological solutions and services for the mobility industry while driving global expansion.

BlueBinaries’ cofounder Kishore LM said that this investment will enable the startup to build on its existing robust customer base of OEMs and Tier 1 automotive suppliers across geographies alongside enhancing the SDV and Digital capabilities. 

“The overall automotive electronics and software market is expected to grow to $80 Bn by 2030 with an increase in demand for safer vehicles, advanced connectivity and next-gen mobility solutions accelerating digital adoption across the world. With deep industry knowledge and strong engineering capabilities, we believe BlueBinaries is well-positioned to lead the industry with end-to-end mobility offerings,” Anicut Capital’s partner Dhruv Kapoor said.

Founded in 2017 by Srinivas Aravapalli and Kishore LM, BlueBinaries provides various solutions and services in the mobility industry, including Vehicle Engineering & Systems Development, Digital Engineering & Enterprise IT, and Testing & Homologation.

It serves a wide range of clients across Europe, UK, US and the Asia-Pacific region, focusing on the development of Software Defined Vehicles (SDVs) and employing technologies such as cloud computing, DevOps, artificial intelligence, machine learning, cybersecurity, and the Internet of Things.

For the financial year FY22, BlueBinaries registered a total revenue from operations worth INR 37 Cr. However, the net loss for the same period was at INR 4 Cr.

Founded in 2015, Anicut Capital is an Alternative financing firm (AIF) that manages six diverse funds, including three debt funds and three equity funds, and claims to have INR 3,000 Cr in assets under its management. 

Besides BlueBinaries, its portfolio startups include The Ayurveda Experience, Wow! Momo, Mistral, BlueBinaries, Bira, Blue Tokai, Milky Mist, XYXX, Wingreens, Neemans, and Agnikul.

This investment comes a month after Anicut Capital closed its maiden pre-IPO equity fund at INR 300 Cr. Via the fund, the firm will be backing 5-6 late-stage companies on their way to an initial public offering (IPO) in the coming two to three years, translating to cheque sizes of INR 50-60 Cr per company. 

Earlier in February, Anicut Capital also led a Series A round for design and engineering startup Illumine-I, wherein a total of INR 17 Cr was raised by the latter. 

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