India Inflection Opportunity Fund (IIOF) and Ashish Kacholia Back VIKRAN Engineering & Exim Private Limited, Together Invest USD 10 Mn in the fast-growing EPC Company

India Inflection Opportunity Fund (IIOF) and Ashish Kacholia Back VIKRAN Engineering & Exim Private Limited, Together Invest USD 10 Mn in the fast-growing EPC Company

New Delhi 29th January, 2024: Thane, Maharashtra based, VIKRAN Engineering & Exim Private Limited (“VIKRAN”/ “the Company”) confirmed the closure of the Pre-IPO placement round. India Inflection Opportunity Fund invested INR 45 crores. Also, avid value investor, Ashish Kacholia and a few others invested INR 36.5 crores in the Company. The investors together picked up approx. 11% stake in the Company. Pantomath Capital Advisors Private Limited acted as the sole investment banker and financial advisor for the transaction

VIKRAN is a fast growing EPC Company in value added projects of Power Sector (transmission lines and sub-stations), Electrification & Composite Projects, Water Infrastructure (Water Transportation and Distribution) and Railway Infrastructure.

Over the years, VIKRAN has successfully expanded its business and diversified its operations. The Company has a presence in 22 States across India, including Uttar Pradesh, Andhra Pradesh, and Madhya Pradesh, among other states.

VIKRAN is promoted by Rakesh Markhedkar, an IIM Bangalore & BITS Pilani Alumni with more than three decades of experience in managing business in Power infra and large heavy industries. He also has international experience with stints in companies like Larson & Turbo covering geographies like Middle East and New Zealand. Mr. Rakesh Markhedkar is assisted by his brother, Mr. Avinash Markhedkar, two sons Nakul and Vipul Markhedkar, and wife Kanchan Markhedkar Mr. Avinash Markhedkar is director in the company, he is an IIM Kolkata Alumni with 33 years of rich experience in execution of EPC projects, Nakul is an engineer in Electronics & Telecommunication with 8 years of experience in Procurement, Marketing and Business Development and Vipul is an MBA in Finance from NMIMS with 3 years of experience in Finance, Accounts, Taxation & Commercial Department, Kanchan Markhedkar heads the HR and Admin function in the company. She holds master’s degree in Statistics and post-graduation in Computer Science.

Backed by professional management, the Company has a well-integrated supply chain and the capability for comprehensive planning for ahead-of-schedule project completion. A team of 850 professionals, including an in-house Design & Engineering team makes it a unique proposition.

Mr. Rakesh Markhedkar, MD of VIKRAN, said, “Our vision is to be the leader in the specialised EPC segment. We endeavour to retrieve every day with an open mind and are ready to improve constantly. We have built the organisation with professional management and a strong internal control system. At a very early stage of the company, we have developed very good credentials and eligibility in Infra sector. We also implemented SAP system to access real time information from over 100 site locations across India. Our core business strategy has always been delivering the project ahead of the schedule.”

“With India Inflection Opportunity Fund coming aboard, we believe that the journey to financial success is paved with innovation, resilience, and strategic thinking. With IIOF partnership, we are confident in our ability to navigate the complexities of the market and seize opportunities that will yield mutually beneficial returns. Together, we can build a future of prosperity and growth” Mr. Rakesh Markhedkar further added.

Speaking about its investments in VIKRAN, Ms. Madhu Lunawat, CIO of India Inflection Opportunity Fund, said, “We are elated to announce our investment in VIKRAN. With unparalleled execution capabilities backed by a professional team, a clear vision, and a strong promoter pedigree, we are quite excited about the potential for growth in VIKRAN. Further, we believe that the EPC industry will be critical for India’s ambitious plan of becoming the 3rd largest economy with a GDP of approximately UDS 8 trillion.”

VIKRAN clocked revenue of Rs. 526 crores in FY23, growing at a CAGR of 25% between fiscal 2021 to 2023. The Company had EBITDA margins of 14.4% and PAT margins of 8.2% which are one of the best in the industry. The Company had robust return ratios of a Return on Equity of 28% and Return on Capital Employed of 25%.

Pantomath Capital Advisor acted as the sole investment banker and financial advisor to the transaction.

Rabindra

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