Liquidity Events
Polycab acquires IoT firm Silvan in Rs.18.2 Cr deal
Mumbai-based, publicly-listed Polycab India Ltd (PIL) is to acquire a 100% stake in Bengaluru-based Silvan Innovation Labs Pvt Ltd. The cost of acquisition is around INR 10.2 crore for shares and around INR 8 crore as additional funds infusion to discharge outstanding liabilities. Post acquisition, Sllvan's founders Giridhar Krishna, Mohan Gopalakrishna and Ajay Gupta will continue with PIL. Silvan focuses on providing automation offerings for homes, offices, banks, retail outlets and hotels. Its portfolio includes IoT-based automation products and solutions such as lighting management systems, room automation, temperature control devices, contactless controls, curtain control and security devices. The company, which has 17 filed and provisional patents, had reported over INR 9 crore in sales for FY19.
From the Venture Intelligence PE-VC Deal Database: Between Jun-16 and Jun-19, Silvan Innovation Labs had raised close to INR 20 crore from Samsung Ventures and Infuse Ventures. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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