Technology company Denodo plans to invest part of $336 million fund it is raising from TPG, in India, a company official said on September 14.
The US based data management firm has signed a definitive agreement with investment firm TPG Growth to riase $336 million (Rs 2,788 crore) in an equity deal.
The transaction, which includes both primary capital and a secondary sale of shares by HGGC, is expected to close in early October following customary regulatory approvals.
HGGC had invested in early stage funding round of Denodo in 2017 and will remain a significant investor even after the completion of the transaction, according to the company's statement.
"India is an essential market for Denodo. The funds will be used for business development and acquiring more clients. Allocation of these funds would be a strategic decision; thus, the team cannot commit to a concrete figure or percentage at the moment," Denodo RVP Sales for India Ananth Chakravarthy said.
Denodo has approximately 100 employees in India out of its total workforce of 900 people globally. PTI PRS GRJ HVA
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