Motilal Oswal Private Equity Invests INR 1,000 million in Updater Services Pvt. Ltd.
27th February’17, Mumbai: India Business Excellence Fund – II and India Business Excellence Fund – IIA, funds managed and/or advised by MOPE Investment Advisors Private Limited (“MOPE”), have committed to investing INR 1,000 million for a minority stake in Updater Services Pvt. Ltd. (“UDS”/the “Company”), a Chennai based company engaged in the business of providing integrated business services (“IBS”) to clients across the country. This is the third round of private equity investment in the Company, which has previously seen investors like New Vernon Private Equity and ICICI Ventures investing in 2004 and 2008, respectively.
Established in 1985, the Company is amongst the top 5 Integrated Facilities Management (“IFM”) service providers in the country. It has operations across the country with a very strong presence in south India, and caters to more than 700 clients across industries such as IT/ ITeS, BFSI, e-commerce, etc., including some of the marquee names in IT and BFSI industry.
Mr. Raghunandana Tangirala, Managing Director of Updater Services said, “Partnering with Motilal Oswal Private Equity will help the Company expand its operations and further strengthen its position as a leading integrated business services provider. I strongly believe that as one of the premier private equity fund managers in the country, MOPE will help us deepen client relationships and offer all integrated business services to our clients. Their experience of managing companies across varied sectors will bring a lot of value to us as we endeavor to build a world class organization.”
Mr. Vishal Tulsyan, Managing Director and CEO of MOPE, “We are pleased to be part of what, according to us, is one of the best placed IFM companies in the country. As enterprises continue to emerge in the country, the trend of outsourcing of facilities management will increasingly become more accepted. Updater Services is one of the oldest and well-known brands in the country with a proven track record of providing quality services. We believe in Raghu and the management he has managed to put together at the company, and intend to back them in every way we can as they endeavor to build a world class integrated business services organization.”
About Updater Services
Updater Services is one of India’s leading integrated business services (IBS) companies with significant presence across IFM (integrated facilities management), P&S (people and staffing) and PSS/IAM (production support services/ industrial asset management) segments and is headquartered out of Chennai. It was established in 1985 by Mr. Raghunanda Tangirala, who runs the company as the CEO and Managing Director.
Accolades
The Company has a lot of awards and accolades to its credit. Most recently, it was awarded “the Best Engineering service provider of the year” during the GMR – IGI airport awards ceremony.
About Motilal Oswal Private Equity Business
MOPE Investment Advisors Pvt. Ltd. (MOPE) is a subsidiary of Motilal Oswal Financial Services Ltd. (MOFSL), a diversified financial services group with businesses in Securities, Asset Management, Private Equity and Investment Banking. MOPE is currently managing two growth capital funds i.e. India Business Excellence Fund (IBEF) and India Business Excellence Fund II (IBEF II) focused on providing growth capital to mid-market companies, typically in the range of US$ 10-20 million, across sectors. IBEF, launched in 2007 is a INR 550 Crore ($ 125 million) fund and is fully invested in thirteen portfolio companies across sectors such as food processing, bulk packaging, power transformers and power infra enablers, ITES, financial services, EMS, FMCG, auto components, etc. It has already made ten exits. On the back of its success of IBEF, MOPE raised IBEF II, a Rs.950 Crore (~USD 160 million) growth capital fund. The current investment has been made from IBEF II.
Veda Corporate Advisors acted as the financial advisor to Updater Services for this transaction.
For further details contact:
Ms. Rohini Kute
Motilal Oswal Financial Services
Ph - +91-22-30102340
Mob- +91-9820196838
Anirudh Rajan / Alpesh Nakrani
Paradigm Shift Public Relations
Ph- +91-22 22813797 / 98
Mob- +91-9892343828/ +91-9869121167
Vishal Tulsyan
Motilal Oswal Private Equity
Ph- 022-39825500