Allygrow Technologies Acquisition, Valuation, Funding & Investors

Allygrow Technologies was acquired by Ceinsys Tech for $680M in December 2021.

Allygrow Technologies acquisition price

$680M

Acquired by Ceinsys Tech · Dec 2021

Cumulative funding Allygrow Technologies raised

$20M

across 1 funding round

Key investors in Allygrow Technologies

  • Zodius Capital
  • Atul Nishar
  • Prashant Kamat

Allygrow Technologies Overview

About Allygrow Technologies

Allygrow Technologies is a Hyderabad, India-headquartered engineering services provider serving aerospace, automotive, hi-tech, heavy industries, and medical devices sectors. Launched in 2021, the company delivers CAD/CAM design, simulation, and prototyping from facilities in India and the U.S., supporting OEMs like Boeing and General Motors with digital twins and PLM implementations. Allygrow employs over 200 engineers certified in ANSYS and CATIA for global supply chain optimization.


Founded

2015

HQ

IndiaPune

Status

Acquired

Customer focus

B2B

Revenue model

Services

Valuation

$680M (acquired Dec 2021)

Allygrow Technologies Acquisition

Allygrow Technologies was acquired by Ceinsys Tech for $680M on 22 December 2021.

Before the acquisition Allygrow Technologies had raised $20M across 1 funding round.

Ceinsys Tech acquired 100% equity stake in Allygrow Technologies Private Limited, a technology-driven company specializing in product design and robotics automation (manufacturing engineering) services with presence in US, Europe, and India. The deal was approved by Ceinsys board and formalized via Share Purchase Agreement on December 22, 2021, for total consideration of Rs 68.06 crore, comprising Rs 11.79 crore cash and Rs 56.27 crore via issuance of up to 36,07,530 equity shares at Rs 156 each. Allygrow executes projects from concept to product launch for clients like General Motors USA, Caterpillar Inc., and Grammer GmbH, with over 200 employees worldwide and consolidated revenues of Rs 57.3 Cr in FY21, Rs 56.6 Cr in FY20, and Rs 55.9 Cr in FY19. Previously backed by Zodius Capital which led a $20M round in 2015. The acquisition diversifies Ceinsys into Engineering Design Services (EDS), expands global presence especially in automotive and manufacturing, and adds synergies to Ceinsys' geospatial, engineering, and IT solutions offerings. First tranche (82.69%) completed initially, full 100% by Q2FY23 making Allygrow a wholly-owned subsidiary.

Allygrow Technologies acquisition details
AcquirerDateTypePrice
  • Ceinsys Tech
22 Dec 2021Strategic M&A$680M

Allygrow Technologies Funding History

Allygrow Technologies has raised a total of $20M across 1 funding round.

Allygrow Technologies funding rounds

Allygrow Technologies funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2015Undisclosed stageZodius Capital (lead); Atul Nishar; Prashant Kamat$20MAllygrow Technologies is a Pune-based engineering services startup founded in August 2015 by Prashant Kamat, former CEO of Mahindra Engineering Services, focusing on core engineering design, development, and manufacturing engineering services for automotive, aerospace, hi-tech, medical devices, and heavy industries. The company raised $20 million (Rs 128 crore) in a round led by Zodius Technology Fund, with participation from IT veteran Atul Nishar and founder Prashant Kamat. Funds were intended for setting up operating infrastructure, building a global team, organic growth, and early strategic acquisitions. In early 2016, less than six months after founding and the funding round, Allygrow acquired AE Automotive Elements, a Germany-headquartered firm, and the engineering services arm of US-based Ranal, which has delivery centers in the US, Bangalore, and Pune. These acquisitions aimed to strengthen product offerings across concept engineering to manufacturing support globally, with Manfred Weissensteiner becoming COO. Post-acquisitions, Allygrow's top line reached around $15 million. The round was part of a surge in venture capital investments in India in 2015, highlighted as one of the largest deals in engineering services BPO. Zodius Capital, promoted by Neeraj Bhargava and others, focuses on consumer tech and enterprise software & services startups, with portfolio including Pepperfry, BigBasket, and Culture Machine. Allygrow was later acquired on December 22, 2021.

Who has invested in Allygrow Technologies?

3 investors have backed Allygrow Technologies across its funding rounds, including Zodius Capital, Atul Nishar and Prashant Kamat.

Lead investors include Zodius Capital.


Allygrow Technologies Investors

Investors in Allygrow Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
Zodius CapitalIndiaMumbai1LeadAug 2015

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Acquisitions by Allygrow Technologies

Allygrow Technologies has acquired 2 companies to date.

Last acquisition by Allygrow Technologies was on February 4th 2016. Allygrow Technologies acquired Ranal for undisclosed valuation.


Latest Acquisitions by Allygrow Technologies

Ranal
AE Automotive Elements
Description
Ranal is an engineering outsourcing firm specializing in design services for automotive and aerospace sectors. It provides CAD modeling, simulation, and prototyping for components like chassis, engines, and aircraft structures using tools such as CATIA and NX. Headquartered in Pune, India, Ranal serves global OEMs including Ford and Boeing through offshore delivery centers in Asia.
AE Automotive Elements GmbH is a development partner for the automotive industry and its suppliers. Headquartered in Kronberg, Germany, the company engineers wiring harnesses, battery systems, and electronics for electric vehicles from brands like BMW and Volkswagen. AE Automotive Elements maintains facilities in Europe and Asia for just-in-time delivery.
HQ CountryUnited StatesGermany
HQ City
Detroit, MI
Frankfurt
Deal Date4 Feb 20164 Feb 2016
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Allygrow Technologies Competitors

Allygrow Technologies competitors include listed companies like Vector, Roma Green Finance, Alexforbes and Mastek, and private ones like Cardinal Operations and TIFIN AG.

Public and private companies comparable to Allygrow Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Cardinal OperationsChinaBeijingPrivate--$726M-
VectorJapanJapanPublicly listed$410M$67M$595M1.2x
Roma Green FinanceHong KongHong KongPublicly listed$1M($4M)$550M-
TIFIN AGUnited StatesBoulder, COPrivate--$842M-
AlexforbesSouth AfricaSouth AfricaPublicly listed$386M$79M$549M-
MastekIndiaIndiaPublicly listed$385M$63M$528M1.2x

Allygrow Technologies Public Comps

Allygrow Technologies is no longer listed, but its public comps include Vector, Roma Green Finance, Alexforbes, Mastek, Bouvet, Happiest Minds Technologies, GlobalData, SBC Medical Group Holding, Lincoln International and OceanPact.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vector$410M$67M1.3x1.2x7.9x7.5x
Roma Green Finance$1M($4M)454.5x-(145.4x)-
Alexforbes$386M$79M----
Mastek$385M$63M1.2x1.2x7.6x7.4x
Bouvet$417M$61M1.3x1.3x8.8x9.2x
Happiest Minds Technologies$241M$43M2.0x1.9x11.5x10.7x
GlobalData$433M$140M1.7x1.7x5.3x5.0x
SBC Medical Group Holding$174M$85M2.1x2.0x4.3x4.9x

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Common questions about Allygrow Technologies

When was Allygrow Technologies founded?Allygrow Technologies was founded in 2015.
Where is Allygrow Technologies headquartered?Allygrow Technologies is headquartered in Pune, India.
Is Allygrow Technologies publicly listed?No, Allygrow Technologies was acquired by Ceinsys Tech in December 2021.
Who acquired Allygrow Technologies?Allygrow Technologies was acquired by Ceinsys Tech in December 2021.
How much was Allygrow Technologies acquired for?Allygrow Technologies was acquired for $680M in December 2021.
How much funding has Allygrow Technologies raised?Allygrow Technologies has raised $20M across 1 funding round.
What was Allygrow Technologies' last funding round?Allygrow Technologies' last funding round was a $20M undisclosed-stage round in August 2015, led by Zodius Capital.
Who are Allygrow Technologies' investors?Allygrow Technologies' investors include Zodius Capital, Atul Nishar and Prashant Kamat.
Which companies are comparable to Allygrow Technologies?Companies comparable to Allygrow Technologies include Cardinal Operations, Vector, Roma Green Finance, TIFIN AG, Alexforbes and Mastek.
How many companies has Allygrow Technologies acquired?Allygrow Technologies has acquired 2 companies, including Ranal and AE Automotive Elements.

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