Chanakya Opportunities Fund backs Polite Powertech in pre-IPO round

Chanakya Opportunities Fund I, SME-Exchange focused Alternative Investment Fund (AIF) under Steptrade Capital, has made a strategic investment in Polite Powertech, a player in the power transmission and distribution space.

The fund led a Rs 20 crore pre-IPO round by contributing over 15% of the total capital raised. 

Polite Powertech, formerly known as Patel Electricals, is led by Yogesh Patel and has over 15 years of experience in executing turnkey EPC projects. The company works across Extra High Voltage (EHV), High Voltage (HV), Medium Voltage (MV), and Low Voltage (LV) cable systems, and also executes solar power and underground distribution network projects. 

It has laid over 4,000 km of transmission lines and delivered more than 30 turnkey projects to date.

The company closely collaborates with state utilities such as GETCO and DISCOMs and also executes industrial projects for private sector clients. It has built strong execution credibility in the sector.

This investment comes at a time when the Gujarat government has allocated Rs 1 lakh crore for upgrading transmission infrastructure, including underground networks and substations. National schemes like RDSS and Green Energy Corridor II are also driving momentum in the sector.