Participated · Equity · Sep 2025

ILJIN, Amber Enterprises' electronics business, manufactures bare printed circuit boards (PCBs), PCB assembly and provides box‑build solutions for products like smart watches and routers. It serves end markets including consumer durables, automotive, telecom, healthcare, renewable energy, aerospace and defence. For financial year 2025 ILJIN reported revenue of ₹2,194 crore and an operating EBITDA of ₹151 crore. The company is pursuing both organic expansion and strategic inorganic growth, including recent acquisitions to broaden its product and market footprint. ILJIN and the Amber Group have moved into adjacent areas through acquisitions such as Power‑One Micro Systems (to enter BESS, EV chargers, UPS and solar inverters) and a controlling stake in Unitronics Plc. Management says the business will scale manufacturing capacities and explore targeted acquisitions to strengthen market position and self‑reliance.

Led · Series B · May 2025

Celebal Technologies, founded in 2016 and headquartered in Jaipur, provides data engineering, AI, and enterprise cloud solutions to global clients. It offers services spanning Data Engineering, Generative AI, Machine Learning, Data Science, industry data models, infrastructure and data warehouse migration, SAP extensions, app modernization, and enterprise cloud integration. The company has a global footprint across AMER, Europe, the Middle East, and APAC and counts strategic partnerships with Microsoft, Databricks, AWS, SAP, and Sigma. Celebal reports a workforce of over 3,000 professionals, including more than 1,500 Databricks certifications. Financially, the company has delivered strong growth with a reported revenue CAGR of ~81% from FY21 to FY26 and has recently improved profitability. The firm has demonstrated disciplined capital management, including repayment of prior debt, and has taken new debt to maintain a liquidity buffer for scaling operations.