Mumbai, April 15,2019 : IIFL Asset Management Limited (IIFL AMC) announced that it has acquired a significant minority stake in Neewee Analytics Pvt. Ltd. through IIFL India Private Equity Fund. Neewee, a Global Industrial Analytics company which focuses on the manufacturing sector and licenses its product under the brand “Bodhee” has raised USD 4mn collectively from IIFL AMC, Canada-based investors and Radix Capital Advisors.
Founded in 2014 by Suyog Joshi, Harsimrat Bhasin, Nataraj Soorkod and Gucchu Gul Lalwani, Bodhee accelerates the digitalization journey for manufacturing organizations in a short period of just six weeks to impact their competitiveness, customer experience and ability to personalize manufacturing.
With relevant average experience of around 15 years with MNC tech leaders (Accenture, IBM, iGATE (now CapGemini), Nokia, etc.), the founding team identified a large market with global problem and aligned itself with digital initiatives under Industry 4.0 phenomenon.
Mr. Harsimrat Bhasin, Co-Founder, Neewee, said, “This is an exciting time for Neewee. We’ve already got validation of our solution through clients. This fund raise sets us up for our next phase of growth, which is to focus on growing European and Indian markets further, while creating footprints in other geographies. We will also accelerate our product development to cater to the expanding customer base and use cases. We are elated to get investors backing for this next phase of Neewee as we look towards building a world class business. “
Mr. Prashasta Seth, Senior Managing Partner, Unlisted Equities, IIFL AMC, said, “Bodhee – a product by Neewee Analytics is set to advance the manufacturing process by leveraging the strength of artificial intelligence and machine learning. Bodhee helps companies to improve quality, improvise yield and optimize resources across the manufacturing value chain and brings outcomes of analytics close to the shop floor for maximum impact. Appreciation and implementation by one of the largest aviation OEMs has been the greatest validation of the product. We are happy to partner with the Neewee team as they embark on a journey to revolutionize manufacturing.”
Within two years of inception, the Neewee team gained coveted membership in Airbus BizLab (Global Aerospace Accelerator) amongst hundreds of applicants globally. Neewee is already recognized as one of the success stories in Airbus BizLab on the back of its world class product and its applicability to solve real world manufacturing problems.
In its early stage of growth, the company already has envious clientele such as one of the largest aviation OEMs, India’s largest watch manufacturer, one of the world’s largest tobacco companies, Tier 3 auto components supplier, etc. Bodhee works across different type of Industries from discrete to process, high throughput to high latency manufacturing process. Neewee is currently focused on Europe and India markets. The company plans to expand its footprint in North America and Asia Pacific. They work through partnerships with OEM equipment manufacturers, resellers, SI and industrial platform companies.
IIFL AMC launched the IIFL India Private Equity Fund, a close-ended SEBI-registered Category II Alternative Investment Fund, in May 2018. The fund seeks to back professional entrepreneurs at an early stage in emerging sectors like healthcare, technology, financial services and consumer. This is the third investment from this fund; the previous two investments were in financial services and healthcare space. From its previous scheme, IIFL Seed Ventures Fund 1, has invested in multiple companies like Poncho Hospitality (Box 8), Kogta Financial and Shopsense Technologies (Fynd) to name a few.
Mumbai-based Investment bank, Radix Capital Advisors acted as exclusive financial advisor for Neewee.
About IIFL Asset Management Limited
IIFL Asset Management Ltd. is part of IIFL Investment Managers. IIFL AMC Business refers to licensed asset management activity carried out by IIFL Investment Managers through its group companies based in Singapore, India and Mauritius. IIFL AMC’s differentiated suite of mutual funds, alternative investment funds and portfolio management services span public and private equities, fixed income securities and real estate. Its distinctive products bring out the entrepreneurial edge, agility and speed of execution of a boutique asset management firm.
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