New Enterprise Associates (NEA) has invested INR 650 million ($13.5 million; €9.2 million) in New Delhi-based RT Outsourcing Services for an undisclosed stake.
The investment was made from NEA 13, Ben Mathias, executive director at NEA, told PEI Asia.
Established in 1995, RT Outsourcing provides after-sales services to the IT, telecom, electronic security and consumer electronics industries. The company specialises in technical support help desks, product repair and refurbishment services, e-waste management and reverse logistics services. It has recently expanded its operations in Southeast Asia with the opening of an office in Singapore.
NEA’s investment will be used to expand the company’s service lines and geographic spread, Shammi Moza, managing director of RT Outsourcing, said in a statement. New segments of business the company intends to enter include defense, building management systems and integrated infrastructure management services.
The investment presents an exciting opportunity to participate in the India growth story, Mathias said in a statement. He added that RT Outsourcing’s leadership position and market credibility makes this investment a “compelling value proposition”.
In August, an industry source confirmed to PEI Asia that NEA and Jacob Ballas Capital India are in talks to buy The Carlyle Group's stake in Chennai-headquartered Financial Software & Systems. The source added the talks were at a very early stage.
Some of NEA’s other Indian deals include investments in Novatium, which provides low-cost computing; Sasken Communications, which provides embedded software products and offshore R&D services to wireless systems and handset customers; and ISGN Technologies, which is a mortgage-processing knowledge process outsourcer and service provider.
NEA, established in 1978, has about $8.5 billion in committed capital and has invested in more than 650 companies, of which more than 160 have gone public and more than 250 have been acquired.