PE-VC Fund Investments
Identity mgmt solutions provider Mantra Group raises Rs.125-Cr led by India SME Fund II
Ahmedabad-based Mantra Group has raised about USD 14 million (INR 125 crore) in its first institutional funding round. The investment was led by India SME Fund II, with participation from Motilal Oswal Principal Investments. Founded by Hiren Bhandari and Bhavyen Bhandari, Mantra Group specialises in identity, security, computer vision, and AI solutions. It claims to provide its enterprise stack for workforce management and access control to over 20 of India’s top 100 corporates.The new capital will be used to fuel the next phase of innovation and expansion, specifically to double spending on R&D, patents, and IP creation. The company also plans to establish a Center of Excellence for AI and Computer Vision, scale DSIR-approved R&D, and accelerate new product development. The company would extend these solutions to more airports both within India and internationally, while also scaling its enterprise deployments across West Asia.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
