BlueBinaries, a leading engineering and technology services provider, has successfully raised Rs 60 crore (approximately $7.2 million) in a mixed debt and equity funding round led by Anicut Capital. The funding will be strategically deployed to expand BlueBinaries’ customer base among original equipment manufacturers (OEMs) and tier-I automotive suppliers globally, as well as to bolster its Software Defined Vehicle (SDV) and digital capabilities.
Founded in 2017 by Srinivas Aravapalli and Kishore LM, BlueBinaries is at the forefront of accelerating the development of SDVs through its expertise in Electrical/Electronic (E/E) architecture design and development services. The company also leverages cutting-edge digital technologies such as cloud computing, DevOps, artificial intelligence and machine learning (AI/ML), cybersecurity, and Internet of Things (IoT) solutions to deliver innovative products and services to its clients.
BlueBinaries serves a diverse clientele across Europe, the UK, the USA, and the Asia-Pacific (APAC) region, delivering advanced technological solutions tailored to the mobility industry’s evolving needs. The global automotive electronics and software market is projected to surpass $80 billion by 2030, and BlueBinaries is well-positioned to capture a significant share of this burgeoning market.
Anicut Capital, a key player in the investment landscape, is reportedly in the process of raising its third credit fund, targeting a corpus of Rs 1,300-1,500 crore. Additionally, the firm is nearing the closure of its first debt fund under the GIFT City structure, underscoring its ongoing commitment to fostering growth in innovative companies like BlueBinaries.
This latest round of funding marks a significant milestone for BlueBinaries as it continues to expand its technological capabilities and global footprint in the rapidly growing automotive sector.
