Anicut Capital leads Rs 60 Cr round in BlueBinaries

Engineering and technology services company BlueBinaries has raised Rs 60 crore ($7.2 million) in a mix of debt and equity round led by Anicut Capital.

The proceeds will be deployed towards building its existing customer base of OEM’s and tier I automotive suppliers across geographies, enhancing SDV and digital capabilities, BlueBinaries said in a press release.

Co-founded in 2017 by Srinivas Aravapalli and Kishore LM, BlueBinaries focuses on accelerating the development of software defined vehicles (SDVs) with E/E Architecture design & development services and Digital technologies like cloud, Devops, AI/ML, cyber security and IOT solutions for its customers.

According to market research, the automotive electronics and software market is expected to grow to over $80B by the end of 2030.

According to the Chennai-based company, it serves a diverse customer base in Europe, UK, USA and APAC. The platform aims to deliver cutting-edge technological solutions and services for the mobility industry.

As per media reports, Anicut Capital is in the process of raising its third credit fund with a target corpus of Rs 1,300-1,500 crore. The firm is also on the verge of closing its first debt fund under the GIFT City structure.