Kochi-based electronics manufacturing services (EMS) provider SFO Technologies Pvt Ltd has raised Rs 750 crore (approximately $82 million) in a funding round led by private equity firms Trident Growth Partners and Amicus Capital Partners.
Existing investors Anicut Capital and HDFC Asset Management Company also participated in the round.
In August last year, VCCircle reported, citing people familiar with the development, that SFO Technologies had attracted interest from two PE investors for a Rs 700 crore investment for an 11-12% stake, which was expected to value the company at Rs 5,500-6,000 crore.
In a statement, SFO Technologies said it will use the fresh capital to expand manufacturing capacity over the next two years and boost backward integration through components manufacturing. The investment will help “scale capacity, deepen technological capabilities, and help SFO become a leading global EMS company,” founder N Jehangir said.
Rajesh Ramaiah, managing partner at Trident Growth Partners, said the firm will also support SFO with strategic inputs, governance best practices, and access to its ecosystem of operating advisors and founders.
Sunil Theckath Vasudevan, partner at Amicus Capital Partners, said SFO is well positioned to benefit from structural tailwinds in India’s EMS sector.
o3 Capital acted as the exclusive financial advisor to SFO on the transaction. The deal underscores the growing strength of India’s EMS ecosystem, said TR Srinivas, managing partner at o3 Capital.
SFO currently offers design-to-manufacturing capabilities across 24 facilities in Kochi, Bengaluru, and Pune. Founded in 1990, it is the flagship company of the NeST Group and provides original design manufacturing solutions to the aerospace, communications, energy, healthcare, industrial and transportation sectors. The NeST Group also operates in technology-led areas such as networking, fibre optics and software.
SFO raised its maiden funding in 2006 from private equity firm True North, which invested Rs 100 crore and exited in 2011. In 2015, NeST Aerospace Pvt Ltd acquired a 6.6% stake in the company. Anicut Capital came on board in 2023, followed by HDFC AMC in 2025.
In FY25, SFO’s consolidated net revenue rose 7% year-on-year to Rs 2,865.5 crore, while EBITDA grew 16% to Rs 265.34 crore.
