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Zodius leads $20m round for India's Allygrow

  • Holden Mann
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Zodius Technology Fund has led a $20 million funding round for Indian engineering services start-up Allygrow Technologies.

According to a statement, Allygrow will use the funds to build up its operating infrastructure and international team, and also to pursue strategic acquisitions. Allygrow founder Prashant Kamat and IT industry veteran Atul Nishar also participated in the round.

Allygrow was recently launched to serve a wide range of industries, including the aerospace, automotive, and medical device markets. The company plans to make significant investments in developing tools and subsystems for embedded electronics, with a particular eye toward taking advantage of opportunities in connectivity and the internet of things.

Founder Kamat is the former head of Mahindra Engineering Services and has more than 20 years of experience with new product development and business management in the engineering sector.

Zodius is currently raising its latest technology-focused fund, which launched last year with a target of $500 million and reached a first close of $110 million in May. The fund focuses on late stage and pre-IPO investments in technology companies, including the social, mobile, analytics and cloud sector. The firm's recent investments include participating in online furniture retailer Pepperfry's $100 million Series D round.

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