Economy Process Solutions (Economy), a player in vacuum and continuous process equipment solutions, has secured Rs 100 crore from Stakeboat Capital Fund II in its Series A funding.
Rajesh Ahuja, Founder and Chief Executive Officer, Economy, expressed, “We are delighted to have Stakeboat Capital join us as a significant shareholder. We plan to use this capital to accelerate our growth, broaden our range of in-house manufactured products, expand our global footprint, and foray into new categories such as F&B solutions. We are honoured to collaborate with Stakeboat in our vision to take Economy to greater heights.”
Established in 2015 and headquartered in Mumbai, with manufacturing facilities at Chakan (Pune), Economy offers bespoke vacuum and process solutions. The company has recently expanded its products to also cater to the beverage industry.
Srinivas Baratam, Managing Director, Stakeboat Capital, stated that the increased competitiveness of Made in India products would compel many Indian and global companies to take a closer look at India-manufactured alternatives in the capital equipment industry. He added, “Indian capital equipment manufacturing provides a suitable combination of customised designs and sizes, at highly competitive prices. We believe that global companies can greatly benefit from Indian ingenuity, especially when it comes to certain sizes and volumes. Economy is differentiated by its ability to turnaround enquiries and implement solutions quickly, often beating customer expectations.”
Economy is expected to grow its domestic and export businesses over the next 4-5 years, due to growth in industries such as waste management, pharma, and chemicals, that contribute to majority of their revenue. Many large players in these industries are planning significant capex in the short to medium term, which will support growth of the capital equipment industry.
In addition, exports to strategically located and resource-rich Middle East and Africa will be supported by the massive investments being undertaken by many companies in these regions to enhance their industrial capabilities and increase local value addition rather than exporting base resources.
Chandrasekar Kandasamy, Managing Partner, Stakeboat Capital, said, “We are thrilled to join Economy in its transformative journey. While continued growth of the Indian economy is expected to support the manufacturing industry in India, incentivisation by the Indian government will further benefit the ecosystem. We believe in Economy's vision and dedication to generating substantial value for its customers and are eagerly looking forward to the opportunities that lie ahead.”
With over 600 customers served in 30+ countries, Economy continues to customise its services according to customer needs along with timely deliveries of products to ensure user satisfaction.
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