Investment firm Niveshaay on October 14 said it has led a Rs 52-crore fresh funding round in Cimcon Software, which specialises in providing automation solutions for oil and gas infrastructure, smart water and lighting.
The investment was made through Niveshaay's Category II AIF, Niveshaay Sambhav Fund.
"Niveshaay, a SEBI-registered Alternative Investment Fund (AIF) management firm operating Category II and Category III funds, has led a Rs 52-crore fresh funding round in Cimcon Software," a statement said.
Niveshaay is a Surat-based investment firm that partners with scalable Indian businesses across energy transition, manufacturing, defence, technology and consumer sectors.
The round also saw participation from Vivek Jain (Managing Director, Action Tesa and GrowthSphere), Saket Agarwal (former Director, Apollo Pipes and Apollo Tricoat), Ayush Mittal (co-founder of Screener.in), and Finavenue (Sebi-registered AIF).
"The funds will be used by Cimcon to strengthen its working capital base, provide collateral support for large operations and maintenance (O&M) contracts, and expand its capacity in utility automation and digital infrastructure," the statement said.
Cimcon also plans to leverage the fresh capital to enhance manufacturing capabilities, scale delivery operations across India and global markets.
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