- The 130-year-old, integrated manufacturer, Volex, acquires a majority stake in EDMS company, inYantra
- inYantra gets a significant boost in cross-sell opportunities and global reach for customers
- inYantra will add two new target verticals – electric vehicles (EVs) and medical electronics– in addition to its existing consumer, automotive and industrial segments
Pune, 7th March, 2022: India-headquartered inYantra Technologies Pvt Ltd (inYantra), the electronics design and manufacturing services (EDMS) company, has entered into a decisive strategic partnership with the global integrated manufacturing-services and power-products company, Volex plc (Volex) for a transaction totaling $13 million.
inYantra specializes in the assembly of printed circuit boards (PCBs) and box builds and has been growing at an impressive CAGR of 38 percent in the last five years to emerge as one of the fastest-growing EDMS companies in India. inYantra services clients in the consumer, automotive and industrial segments.
Pravin Jain, inYantra chairman, said: “These are exciting times for us. In the last two years, we have grown organically and doubled our revenue despite the global challenges due to the pandemic. The strategic alliance with Volex positions us for accelerated growth for the next five years. We have developed a joint business plan based on the synergies in the existing businesses, as well as a significant expansion of the manufacturing footprint in India, and are targeting multiples of revenue growth by 2027.
Nat Rothschild, Executive Chairman of Volex, commented: “The inYantra transaction offers an excellent strategic opportunity to expand our global footprint, which is consistent with our strategy, and will bring new and strengthened capabilities in the key Indian market. inYantra’s existing business, along with the imminent development of a complex cable assembly capability, will improve our customer offering, supporting low-cost manufacturing for existing and new domestic and export customers. Volex sees a further opportunity to improve inYantra’s margins by allowing inYantra to leverage the economies of scale from being part of a larger group.”
The association with Volex will deliver these pivotal benefits for inYantra:
- Access to a global customer base, an international operating footprint, and with reinforced credibility from the Volex brand
- A strong, combined cross-sell proposition for industrial customers in the region, with its augmented wire and harness capabilities
- Joint development of complex cable assembly capability through low-cost production for both domestic and export markets, as Volex expands the capabilities at the Pune site by building a new medical and complex industrial technology cable assembly facility
- A strategic boost in the ability to service large medical electronics companies, both domestic and abroad, with advantageous proximity to one of Volex’s marquee customers based in Pune
- Stronger and structured focus on the electric vehicle segment which is one of Volex’s key business verticals
Volex’s partnership with inYantra will bring in new verticals and fortified capabilities. It will strengthen the focus on two high-growth Indian sectors of medical electronics and EVs for the homegrown manufacturer. Jain commented, “We are now well-poised with the necessary platform to capitalize on the large-scale manufacturing opportunities presented by the Indian government’s focus on “Make in India”, on the export of electronics manufactured in the country, and the organic growth projections of technology consumption in India.”
For the transaction, Broad Peak Capital Advisors served as financial advisors and Link Legal as counsel to inYantra.
About inYantra: inYantra specializes in the assembly of printed circuit boards and box builds. It operates from a single site in Pune, Maharashtra, India, with around 500 employees and occupies approximately 3.5 acres of the 13.5 acres site being acquired by Volex.
The business was founded in 2002, and acquired by Pravin Jain of Sonoma Management Partners (SMP) in 2011. Since the involvement of SMP and steered by a seasoned management team with an entrepreneurial mindset, the business has broadened its customer base, installed three state-of-the-art, high-speed SMT lines, and added numerous industry and quality accreditations. inYantra has become one of the fastest-growing EDMS companies, delivering over 22x growth since SMP’s takeover.
Key customer sectors are consumer, automotive and industrial automation where inYantra has built strong customer relations with a number of Indian and international blue-chip original equipment manufacturers and Tier-I suppliers. inYantra has delivered exciting growth despite the global challenges of Covid-19, with revenues increasing from $10.7 million in FY-2020 to an expected $22 million in FY-2022. For more information, please visit: www.inyantra.com
About Volex: Volex plc (AIM:VLX) is a global leader in integrated manufacturing for performance-critical applications and a supplier of power products. Volex serves a diverse range of markets and customers, with particular expertise in cable assemblies, higher-level assemblies, data center power and connectivity, electric vehicles, and consumer electricals. Headquartered in the UK, Volex operates from 20 manufacturing locations with a global workforce of over 6,900 employees across 22 countries and their products are sold through locally based sales teams and through authorized distributor partners to Original Equipment Manufacturers (‘OEMs’) and Electronic Manufacturing Services (‘EMS’) companies worldwide. All of the products and services offered are integral to the increasingly complex digital world in which we live, providing power and connectivity from the most common household items to the most complex medical equipment. For more information, please visit: www.volex.com