Waste management equipment manufacturer, Kam-Avida Enviro Engineers has raised funds from India focused private equity firm Peepul Capital. The equity stake offered and the quantum of funds raised stands undisclosed. Kam-Avida intends to use the funds to set up a manufacturing and assembly facility which would help it ramp-up production capacity besides strengthening its sales and marketing presence as per a press statement. Part of the capital will also be used to strenghten the balance sheet to foray into wet lease services for large scale sewage cleaning and maintainance.
Kam- Avida, which is led by its managing director Manohar Krishna, manufactures sewer cleaning and jetting machines besides gulley emptiers, suction cum jetting machine and static compactors. It has a plant at Pune. The firm is likely to invest a part of the capital to strengthen its balance-sheet to foray into wet-lease services for large-scale sewage cleaning and maintenance. o3 Capital were the advisors to Kam-Avida for this deal.
The fund which is led by Sandeep Reddy, had rechristened itself as Peepul last year. The re-branding coincided with its new fund of $214 million raised in 2007 which took the total funds under its management to $ 325 million.