Global Emerging Markets (GEM), an alternative investment group that manages assets worth $3.4 billion, has committed $200 million (about Rs 1,500 crore) to Smartron Group.
Hyderabad-based Smartron India Pvt. Ltd will use the capital to scale its business. It is also planning a public listing of its common stock. It did not disclose the bourse it intends to list.
Smartron said it may benefit from the opportunities in the Indo-US corridor due to the ongoing global chip shortage and supply chain challenges as well as adjustments.
The company said in a statement that it will be focused on driving growth by targeting smart homes, smart infrastructure, electrical vehicles, and energy verticals over the next three to five years.
Founded in 2013 by Maheswara Lingareddy Reddy, Smartron also offers its software as a B2B service to companies that target various Artificial Internet of Things (AIoT) applications.
Lingareddy is also the co-founder and CEO of Soft Machines Inc, a US-based semiconductor company with operations in the US, India, and Russia.
Smartron counts former Indian cricketer Sachin Tendulkar as an investor. The company raised more than Rs 200 crore from a bunch of high-net-worth individuals in 2015 and 2016.
Smartron designs, develops, and markets a big portfolio of hardware ranging from smartphones to laptops, wearables, smart home hub, smart things, e-bikes, battery packs, and IoT modules.
Founded in 1991, GEM does a wide array of deals ranging leveraged buyouts, management buyouts, and private equity-style public investments through a diverse set of emerging markets-focussed investment vehicles. It also makes select venture investments.
The investment firm has struck over 500 transactions in 70 countries. It operates from its offices in Paris, New York, and the Bahamas.