Private Equity

PE Fund Investments

Air-conditioners maker Epack Durable raises $40-M led by Affirma Capital

Mint  

Contract manufacturer of room air-conditioners (RACs) Epack Durable Pvt Ltd is raising a USD 40-million round led by private equity fund Affirma Capital. (Vibhav Parikh, Executive Director at Affirma Capital has joined the company's board wef September 7, 2022) The company is looking to invest the capital in brownfield and greenfield projects to leverage the production-linked incentive scheme for RACs, as it looks to increase capacity to 3.6 million units by next year. It plans to set up a new manufacturing unit in South India. At its current facilities in Dehradun and Bhiwadi, Epack manufactures RACs, components and small household appliances for Indian and foreign brands. Its household appliances portfolio includes induction cooktops, mixer grinders and water dispensers.

From the Venture Intelligence PE-VC Deal Database: In October 2021, Epack had raised over USD 21 million from ICICI Ventures.