Shashi Kiran Shetty, founder and chairman of logistics company Avvashya group, has picked up a minority stake in US nanotechnology company NanoHoldings LLC for an undisclosed amount, according to a statement.
The investment will help NanoHoldings to fund its subsidiaries for accelerating commercialization of its products.
Founded in 2003, NanoHoldings develops nanotechnology solutions for water, energy generation, transmission, storage and conservation sectors.
NanoHoldings has raised $56 million from global institutional investors such as Morgan Stanley, Schlumberger, Royal DSM, promoters of Anchor India, King Abdulaziz City for Science & Technology, and McLendon Ventures.
Tareque Pirzada CEO of Asia, Middle East and Africa at NanoHoldings, said the company is looking at bringing investors like Shetty who not only invest money but can also provide strategic guidance as it begins to commercialize its technologies in Asia.
Shetty said the investment provides an opportunity to be part of the latest developments in field of nanotechnology.
Blacksoil Advisory LLP was the exclusive financial advisor to the transaction.
The Avvashya Group has about 200 offices in 90 countries. The group includes Allcargo Logisitcs Ltd, one of India’s largest listed logistics firms with revenues of about $800 million, as well as Hindustan Cargo Ltd and Belgium-based cargo company ECU-LINE NV.
NanoHoldings was started by Justin Hall-Tipping. An MBA from Harvard Business School, he is also the company’s CEO.
Before founding Nanoholdings, he worked as managing director and partner at SG Capital Partners, where he was responsible for all venture investments, and as a partner at NEPA Venture Fund, which specialised in start-up and early-stage companies. He was also CEO of Heatbeat Corp, a multimedia software company he founded, and director of Reuters’ Data Intelligence Group.