Amara Partners, a private equity firm founded by former Mahindra Partners executive Parag Shah and former Omidyar Network executive Piyush Soonee, has invested Rs 75 crore ($7.87 million) as primary capital in a pre-IPO round of Karamtara Engineering.
A backward-integrated manufacturer of products for the renewable energy and power transmission sectors, Karamtara Engineering is looking to raise Rs 1,350 crore through its proposed initial public offering (IPO), in addition to an offer-for-sale (OFS) by sibling promoters Tanveer Singh and Rajiv Singh.
“The investment reflects Amara Partners’ confidence in Karamtara’s integrated manufacturing platform, established execution capabilities, and growth prospects as global investments continue to accelerate across renewable energy, transmission networks and supporting infrastructure, including data centres,” the company said in a statement.
The investment was made at Rs 310 per share, the same price as the company’s previous transaction.
Funding history, IPO
In January 2025, Karamtara raised around Rs 300 crore ($36 million then) in its first pre-IPO round from investors including Gaurav Trehan and Akshay Tanna, who are part of the India leadership team of KKR; Caratlane founder Mithun Sacheti; public market investors Jagdish Master, Utpal Seth and Jayesh Parekh; and family office-backed funds Ananta Capital and Singularity Ventures. The funding round valued it at around Rs 9,080-9,100 crore ($1.05 billion then).
In April last year, Karamtara also concluded a Rs 164-crore friends-and-family secondary transaction involving actors Ranbir Kapoor and Aamir Khan, cricketers Rohit Sharma and Jasprit Bumrah, filmmaker Karan Johar, and Dharma Productions CEO Apoorva Mehta.
This year, in March, the promoters completed a secondary share sale worth Rs 58.25 crore.
Karamtara received SEBI’s approval for its IPO in June 2025. The approval, which is generally valid for one year, would have lapsed last month. However, SEBI extended IPO validity timelines in April due to the Middle East conflict. The company now has until September to launch its issue.
JM Financial, ICICI Securities, and IIFL Capital are the merchant bankers handling the public issue.
Business overview, financials
One of India’s largest exporters of solar products to North America, Karamtara derives most of its revenue from three verticals: solar energy products, fasteners, and lattice towers for transmission lines.
It reported a 30% year-on-year rise in revenue to Rs 3,165.4 crore in FY25, while net profit grew to Rs 139.3 crore from Rs 102.65 crore a year ago. For FY26, it reported revenue of Rs 4,300 crore, according to the statement.
Currently, it operates eight manufacturing facilities in India and internationally. Seven of these are located in Maharashtra, while one is in Italy. It is also setting up new plants in Gujarat and Saudi Arabia.
“Karamtara continues to expand its manufacturing footprint through new facilities at Bhachau, Gujarat, and in the Kingdom of Saudi Arabia, while strengthening its presence across transmission infrastructure, renewable energy and pre-engineered buildings,” the statement said.
Meanwhile, Amara Partners floated its maiden vehicle, Amara Partners Growth Fund I, in 2024 with a target corpus of Rs 600 crore and a greenshoe option of Rs 200 crore. The Mumbai-based firm has so far raised approximately Rs 800 crore, according to people familiar with the matter.
The mid-market investor, which also backs Series A and B startups, has invested in listed auto components maker Lumax Auto Technologies Ltd and digital lending platform Fibe.
