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.
Peepul Capital (formerly known as iLabs Management) has investments in sectors like technology driven products & services, telecom, media besides consumer products and services. Some of its existing investments include: semiconductor firm Nethra Imaging, Hyderabad-based retail pharmacy chain MedPlus, agri inputs distributor Viswas, drug discovery firm Verseon, mobile distributer firm Indus Mobile, IT company Vsoft, media solutions firm Integrid, Oriental Cuisines and Universal Power Transformer. Its past investments, from which it has exited, include Sify, IANS and DQ Entertainment.
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.
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