Mayfield,SVB invest Rs 45 cr in Geodesic
VC FUNDS Mayfield Advisors and SVB have picked up a minority stake in Bangalore-based Geodesic Techniques that designs and builds prefabricated steel structures. The funds have infused about $11 million (Rs 45 crore) into the company that will be utilised to set up a steel fabrication unit at Bidar, in north Karnataka. Geodesic expects to register a turnover of about Rs 200 crore in the 2008-09 financial year.
The investments will help the company meet its target of being a Rs 1,000 crore company in four years, after which it would enter the capital markets with its IPO. Veda Corporate Finance was advisors to the deal.This is Mayfields sixth investment in India, and the latest investment is part of a strategy that focuses on investing in infrastructure ancillaries.
Geodesic specialises in steelbased construction and signature structures for buildings, multi-level car parks and transportation structures. The companys end users include L&T, GVK, GMR, TCS and Infosys.
The investment will help us backward integrate, thereby making us the only end-to-end player in our business segment. This funding round will also help us commercialise innovative design solutions which are under development said Geodesic Techniques MD Srinidhi Anantharaman.The Bidar plant will be operational in January 2009 with a nominal capacity of 1,500 tonne per month initially and this will be scaled up to 3,000 tonne per month by mid-2009.