Pune-based Allygrow Technologies has acquired AE Automotive Elements headquartered in Germany and the engineering services arm of Ranal, a US headquartered company for an undisclosed amount. Ranal has delivery centers in the US and India in Bangalore and Pune.
The acquisitions are done in a bid to strengthen Allygrow’s product offering. With this, Manfred Weissensteiner, CEO of AE Automotive Elements will take over as COO of Allygrow.
Allygrow CEO, Prashant Kamat said, “The investments in the two companies will help us build upon the complementary strengths of each entity and create a comprehensive service portfolio spanning across concept engineering to manufacturing support for customers globally. Furthermore, in terms of top line, these acquisitions have enabled Allygrow to reach around the $15 Mn mark in less than 6 months.”
Founded in August 2015 by former Mahindra Engineering Services CEO, Prashant Kamat, Allygrow, is a technology-driven company focused in core engineering design, development and manufacturing engineering services for the automotive, aerospace, hi-tech, medical devices and heavy industries.
Allygrow had raised $20 Mn in August 2015 in a round led by Zodius Technology Fund.