Mysore-based electronic manufacturing services firm has raised Rs 10 crore ($1.8 million) from CanBank Venture Capital Fund, the PE unit of Canara Bank. CanBank Venture Capital received convertible preference shares for its investment, according to a report published by Economic Times.
The money raised will be used for the construction of a manufacturing facility at Mysore Industrial Park in Koorgally. The estimated cost of the project is around Rs 24 crore of which Rs 14 crore is being funded from internal accruals. The facility is expected to be operational by April 1 this year.
Set up in 2001, Vinyas is an EMS company with DTA (domestic tariff area) and EHTP (electronic hardware technology park) units and focuses on three phases of prototype building. It also specialises in mechanical assembly of parts, also known as ‘black box build.’
The company’s key customers include HCL, Sunair Electronics, Aftek, Philips and Bharat Electronics, among others.
In a span of nine years, the organisation has grown to a net worth of $6 million and has a workforce of over 600 people. It aims to reach $12 million in revenues in the current fiscal.
(Edited by Sanghamitra Mandal)