Fri. Mar 29th, 2024

Affirma Capital, a private equity firm, headquartered in Singapore, has acquired a minority stake in Prodapt Solutions Pvt Ltd, a Chennai-based startup, for about $75 million (approx INR 537 crore), cited Livemint.

The firm said that it had invested in Prodapt, a specialized IT services firm in an all-cash deal.

“A key part of our investing strategy for Affirma Capital in India is around export oriented themes. Prodapt fits in very nicely with this given that the company works with leading telcos and digital media companies across US and Europe,” said Udai Dhawan, co-founder and head of India at Affirma Capital.

Affirma Capital was founded by Udai Dhawan and Taimur Labib in early 2019. It is a newly formed, independent emerging market private equity firm owned and operated by the long-standing senior leadership of Standard Chartered Private Equity.

Whereas, Prodapt caters to telecom and digital service providers. The platform provides end-to-end IT/software architecture consulting, application development, systems integration, testing, maintenance and support solutions to its telecom and cable clients in North America, Europe, India, and Africa.

The firm employs close to 2,000 people across its regional offices around the world.

“We also really like the fact that they have strong domain expertise and are focused on digital and next generation technologies which help their customers take advantage of the changing global telecom & medial landscape,” Dhawan added.

Affirma has more than 50 investments across six regions (China, India, South East Asia, South Korea, Sub-Saharan Africa and the Middle East), and has a team of 52 investment professionals.

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