Consumer electronics products manufacturer Veira Electronics raised ₹130 crore from Bharat Value Fund, marking a closure of its pre-IPO placement round, the company said on Tuesday, March 3, in a press release.
The company, with a diverse portfolio of LED TVs, washing machines, air coolers and multimedia speakers, operates two state-of-the-art facilities in Noida, Uttar Pradesh. These two facilities have a production capacity of 3 million TVs annually for both domestic and international markets.
Its TV portfolio consists of various operating systems such as Tizen, WebOS, Google, and Coolita, covering all categories, including HD, FHD, 4K, LED, OLED, and QLED. Between FY22-24, the company’s financial performance has been impressive, with sales growing at a 55% CAGR to ₹865 crore in FY24.
Industry trend
“India’s smart TV manufacturing industry, valued at USD 11.53 billion in 2023, is projected to reach USD 32.57 billion by 2030, growing at a CAGR of 17%. Key growth drivers include rising disposable incomes, increased internet penetration, and the growing adoption of OTT streaming services. Our investment in Veira is a step in contributing to the growth of India’s growing and evolving TV market with key players that have the potential to reshape TV manufacturing,” said Madhu Lunawat, CIO of Bharat Value Fund.
Bharat Value Fund is a mid-market sector fund house that invests in profitable growth-stage companies.
Commenting on the investment by Bharat Value, Ankit Mani, MD at Veira Group, said that by combining its market expertise with BVF’s robust financial backing, it is well-positioned to maximize shareholder value and drive sustainable growth. “This collaboration sets the stage for creating long-term economic value, ensuring a prosperous future for all stakeholders.”
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