Vakrangee Limited entered into a binding term sheet to acquire 48.5% in Vortex Engineering Private Limited from Aavishkaar India Micro Venture Capital Fund, a fund managed by Aavishkaar Venture Management Services, and Aavishkaar II Company Limited for approximately INR 184.3 million.

Vakrangee Limited entered into a binding term sheet to acquire 48.5% in Vortex Engineering Private Limited from Aavishkaar India Micro Venture Capital Fund, a fund managed by Aavishkaar Venture Management Services, and Aavishkaar II Company Limited for approximately INR 184.3 million on September 8, 2023. The acquisition of 3,65,575 Equity shares from Aavishkaar India Micro Venture Capital Fund, Aavishkaar India II Company Limited, Aavishkaar Venture Management Services Private Limited representing 48.5% of the equity stake in Vortex. Vortex has reported the revenue of INR 336.2 million for the FY 2022.

The closing of the transaction is subject to customary approvals, conditions and execution of detailed Shareholding Agreement. The transaction is expected to be completed within 30 days from the term sheet date.