Affirma Capital backs Chennai-based IT services provider Prodapt
London-based private equity firm Affirma Capital has invested in Chennai-based information technology and telecommunication software solutions company Prodapt Solutions.
The deal amount was not disclosed by the PE firm but sources said the investment could be around $70 million.
Prodapt, founded in 1999 by Vedant Jhaver, focuses on the digital service provider ecosystem and delivers products and services in operations/business support system, software-defined network/network functions virtualisation, robotic process automation, infrastructure management, artificial intelligence/machine learning, and product lifecycle services, an official statement from the PE firm said.
Affirma Capital is owned and operated by members of the management team from Standard Chartered Private Equity. Affirma Capital has assets under management of $3.6 billion and over $700 million for new investments, the statement said.
“The global telco and digital media industry is changing rapidly and offers a significant growth opportunity, and Prodapt is uniquely positioned to help its clients manage this transition and growth. We look forward to working with Prodapt and use our global franchise to help them grow, both organically and inorganically,” Udai Dhawan, co-founder and head of India, Affirma Capital said in the statement.
This will be the fourth investment by Affirma Capital in India in the last 12 months. Earlier investments include Tirupati Medicare ($50 million, nutraceuticals/ pharma), Northern Arc Capital ($130 million round with IIFL, financial services) and Travel Boutique Online ($50 million, travel technology), the statement said.
“Prodapt’s niche focus and differentiated capabilities is a great fit for our technology/IT sector thesis. What impressed us about Prodapt was the consistent endorsement by Prodapt’s global clients of its domain knowledge, flexibility, and a partner mindset. We are very excited to back the founders and the Prodapt family in their upcoming phase of growth,” said Abhi Dhall, executive director, Affirma Capital.