Extracts from Press Release:
Geodesic Techniques, a leading player in steel-based construction, today announced that the company has received an investment of about $11 million (Rs. 45 crores) from Mayfield Fund and Silicon Vally Bank (SVB) in return for a minority stake. Mayfield led the round. The funds will be utilized for setting up a steel fabrication unit in Bidar and for other working capital requirements. Veda Corporate Advisors intermediated the deal.
Geodesic is a leading design & build player specialized in steel based construction and signature structures. The company is involved in prestigious projects such as the Mumbai and Delhi International Airports. The company has to its credit marquee corporate customers and end-users such as Infosys, TCS, L&T, GVK & GMR. It is currently in the midst of an aggressive expansion plan and the fund infusion is expected to help meet its growth objectives.
Srinidhi Anantharaman, Managing Director, Geodesic Techniques, said, “I am very happy that two globally renowned funds like Mayfield & SVB have reposed their faith in our business model & growth prospects. 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 commercialize innovative design solutions which are under development. With this investment, we are well positioned to grow and retain our leadership position in this rapidly expanding field.”
The deal marks Mayfield's sixth investment in India following investments in Tejas Networks, Satya Paul, Bharat Matrimony, Servomax and Paymate.
Commenting on the investment, Vikram Godse, Managing Director, Mayfield Advisors, who will be joining the Board of Geodesic, said, “We are very excited about this investment in Geodesic. The company has a unique proposition with its strength in design coupled with its capabilities in structural steel construction. With a strong track record, a robust order book and a significantly experienced management team, we believe that the company has the right ingredients in place to leverage the huge potential in steel-intensive construction for urban infrastructure.”
Geodesic is a pioneer in design and construction of prefabricated domes and space frames in India. Over the years the company has carved out a niche in specialized steel and glass structures and a reputation for providing innovative solutions to diverse requirements. The company is also a leading player in steel buildings, multi-level car parks and transportation structures, bringing in its customary innovation and finesse.