Mumbai-based private equity firm GEF Capital has extended additional debt to an existing portfolio bet, from its South Asia Growth Fund.
The sustainability-focused investor, which was formed in 2018 by Raj Pai after a collaborative spin out of the Global Environment Fund, has infused further $4 million in Gurugram-based SaaS company, 3SC.
With Europe and the US being its primary markets, the tech company aims to use the funding for ramping up its AI/technology capabilities and scaling up operations globally, without losing focus on profitability in its Indian supply chain and logistics operations.
3SC aims to strengthen its position in supply chain management SaaS and analytics.
It said a major portion of the investment will be deployed towards product and technology development, along with global market expansion.
In 2021, it raised $15 million (Rs 111 crore) in a Series B round from GEF Capital. It was founded in 2012.
Commenting on the fund raise, Sarita Das, co-founder of 3SC said, “This funding is a step in our journey, and we aim to amplify our operations in the global markets, particularly in enhancing our SaaS offerings. The investment will accelerate growth and strengthen our offerings.”
3SC reported net sales of Rs 131 crore in FY23 against Rs 129 crore year-on-year, as per VCCEdge, the data intelligence platform of VCCircle. Its net loss widened to Rs 31 crore from Rs 14 crore during the same period.
As for GEF, apart from 3SC, it also a backer of Premier Energies, Electra EV and Hero Motors in South Asia.
The investor exited Prince Pipes in 2022 and Syrma SGS during its listing in June last year.
Its most recent investment was two weeks ago, when it invested Rs 580 crore in Murugappa Group’s electric mobility arm, TI Clean Mobility through a mix of equity and compulsorily convertible preference shares.
