Onward Technologies to raise Rs 70 crore from funds

“Onward Technologies is already a cash positive company and the objective of raising additional cash is to strengthen presence in India

Niche digital and engineering services company Onward Technologies is raising Rs 70 crore from funds as advised by Convergent Finance LLP.

Structured as a subscription to equity shares and warrants priced in accordance with applicable regulations, the investment will result in about 24.78 percent ownership stake on a fully diluted basis. Managing Director Jigar Mehta said the move reinforces tremendous growth underway within the organization.

“Onward Tech is already a cash positive company and the objective of raising additional cash is to strengthen our presence in India, the United States, and Europe.”

The company’s new international subsidiaries in Netherlands and Canada will also become fully functional next quarter, he said.

“On the home front, after a successful launch in Bengaluru in January, we plan to expand our portfolio of services into new territories Hyderabad and Noida where we see a major opportunity of growth,” said Mehta.

Centrum Capital is acting as sole financial advisor and DSK Legal is legal advisor to Onward Technologies for the assignment.

Onward Tech is a niche digital and engineering services company that provides mechanical engineering, electronics and embedded systems development, data analytics and digital transformation, robotic business process automation, and enterprise business application support services to global corporations.

The company has 2,000 full-time employees with offices in Mumbai, Pune, Chennai, Bengaluru in India besides Chicago, Troy, and Cleveland in the United States, London in the United Kingdom, and Frankfurt in Germany. 

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