VIKRAN Engineering & Exim Private Limited, an engineering, procurement, and construction (EPC) company, has raised $10 million in a pre-IPO placement round from India Inflection Opportunity Fund, Ashish Kacholia, and other investors.
In this round, Inflection Opportunity Fund invested Rs 45 crore, while Kacholia and others contributed Rs 36.5 crore. Together, they obtained around 11% ownership in the company.
Pantomath Capital Advisors Private Limited served as the exclusive investment banker and financial advisor for this deal.
“With unparalleled execution capabilities backed by a professional team, a clear vision, and a strong promoter pedigree, we are quite excited about the potential for growth in VIKRAN. Further, we believe that the EPC industry will be critical for India’s ambitious plan of becoming the third largest economy with a GDP of approximately $8 trillion,” said Madhu Lunawat, CIO of India Inflection Opportunity Fund.
VIKRAN is an EPC company specializing in power-related projects like infrastructure, transmission, substations, and distribution. In the fiscal year 2023, it generated Rs 526 crore in revenue, showcasing a compound annual growth rate of 25% from fiscal 2021 to 2023.
In November of the previous year, Pantomath Financial Services Group closed its pre-IPO fund, India Inflection Opportunity Fund, amassing Rs 500 crore ($60 million), with a focus on investing in companies in the pre-IPO stages.
