Niveshaay Leads Rs 52-Crore Funding in Cimcon Software

Investment firm Niveshaay has spearheaded a Rs 52-crore funding round in Cimcon Software, focusing on automation solutions for vital infrastructure. The funds will bolster Cimcon's operational and manufacturing capabilities in utility automation, aiming for growth in Indian and international markets.

Investment firm Niveshaay has led a significant Rs 52-crore funding round in Cimcon Software, a company known for its automation solutions in the oil, gas, smart water, and lighting sectors. The investment was made via Niveshaay's Category II Alternative Investment Fund, Niveshaay Sambhav Fund.

Niveshaay, based in Surat, operates Category II and III funds and partners with sustainable Indian businesses across various sectors, including energy transition and technology. The funding round also attracted notable investors including Vivek Jain of Action Tesa, Saket Agarwal of Apollo Pipes, Ayush Mittal of Screener.in, and Finavenue, a Sebi-registered AIF.

Cimcon plans to use the newly acquired funds to fortify its working capital, support large operations and maintenance contracts, enhance manufacturing abilities, and extend its service delivery in both local and global markets.

(With inputs from agencies.)