Bharat Value Fund invests ₹130 crore in Veira Electronics ahead of IPO

Consumer electronics manufacturer Veira Group has secured an investment of Rs 130 crore from Bharat Value Fund (BVF) in its pre-IPO round, the company announced on Tuesday.

Veira operates two facilities in Noida, Uttar Pradesh, with a production capacity of up to 3 million TVs annually. This infrastructure enables the company to manufacture one LED TV every five seconds. Over the past two years, its sales have grown at a compounded annual growth rate (CAGR) of 55%, reaching Rs 865 crore in FY24.

“India's smart TV manufacturing industry, valued at USD 11.53 billion in 2023, is projected to reach USD 32.57 billion by 2030, growing at a CAGR of 17%,” said Madhu Lunawat, CIO of Bharat Value Fund.

The company’s TV portfolio includes a wide range of operating systems such as Tizen, WebOS, Google, and Coolita, covering multiple categories, including HD, FHD, 4K, LED, OLED, and QLED.

“Our investment in Veira is a step in contributing to the growth of India’s growing and evolving TV market with key players that have the potential to reshape TV manufacturing,” he added.

Speaking on the company’s expansion plans, Ankit Mani, Managing Director, stated, “Veira Group aims to lead the field of design manufacturing by offering customers superior quality products at competitive prices through continuous technological innovations. We are a complete end-to-end solution provider for brands entering the Indian market, with a dependable team offering R&D, sourcing, design, manufacturing, assembly, final testing, and reverse logistics services.”

He further emphasized, “By combining our market expertise with BVF’s robust financial backing, we are well-positioned to maximize shareholder value and drive sustainable growth. This collaboration sets the stage for creating long-term economic value, ensuring a prosperous future for all stakeholders.”

Sharan Maini, MD, Veira Electronics, stated, “This expansion aligns with the government’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives, reflecting our commitment to advancing quality and setting new benchmarks for manufacturing excellence in India. Looking ahead, we plan to introduce high-end products with AI and IoT integrations to further enhance the user experience.”

As part of its growth strategy, Veira Electronics has partnered with Bharat Value Fund (BVF), a Category II Alternative Investment Fund (AIF) launched by India Inflection Opportunity Trust (IIOT) and managed by The Wealth Company (formerly Pantomath Capital Management). 

The company noted that this strategic partnership will enhance shareholder value and support long-term sustainable growth.

Additionally, the new manufacturing unit features vacuum-controlled, zero-dust clean rooms and robotic production lines to uphold high standards of quality and efficiency. These advancements position the facility at the forefront of Industry 4.0 manufacturing, showcasing Veira Group’s commitment to integrating state-of-the-art technology and nurturing a skilled workforce for the electronics industry, the company said in a media release.