Bharat Value Fund Invests INR 130 Cr in Veira Electronics With a diverse product portfolio, Veira manufactures LED TVs, washing machines, air coolers, and multimedia speakers. Its television range spans HD, FHD, 4K, OLED, and QLED models, running on various operating systems, including Tizen, WebOS, Google, and Coolita.
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Bharat Value Fund (BVF) has invested INR 130 crore in Veira Electronics Private Limited, marking the successful closure of the company's pre-IPO placement round.
The investment reinforces Veira's position as a leading player in India's consumer electronics manufacturing sector, with a focus on innovation and large-scale production.
Founded in 1975 by industry veteran Virendra Maini, Veira Electronics has evolved from manufacturing cassette and disc players to becoming India's number-one Original Design Manufacturer (ODM) for LED TVs. The company operates two advanced manufacturing facilities in Noida, Uttar Pradesh, capable of producing three million televisions annually for domestic and international markets. These state-of-the-art units feature vacuum-controlled, zero-dust clean rooms, AOI machines, and robotic production lines, ensuring top-tier quality and efficiency. Veira's production capability enables the company to manufacture one LED TV every five seconds, solidifying its leadership in the ODM space.
With a diverse product portfolio, Veira manufactures LED TVs, washing machines, air coolers, and multimedia speakers. Its television range spans HD, FHD, 4K, OLED, and QLED models, running on various operating systems, including Tizen, WebOS, Google, and Coolita. Notably, Veira is among the first ODM contract manufacturers in India to collaborate with Samsung for its Tizen OS.
Madhu Lunawat, CIO of Bharat Value Fund said, "The Company's financial performance has been impressive, with sales growing at a 55% CAGR between FY22-24, reaching INR 865 crore in FY24. India's smart TV manufacturing industry, valued at USD 11.53 billion in 2023, is projected to reach USD 32.57 billion by 2030, growing at a CAGR of 17%. Key growth drivers include rising disposable incomes, increased internet penetration, and the growing adoption of OTT streaming services. Our investment in Veira is a step in contributing to the growth of India's growing and evolving TV market with key players that have the potential to reshape TV manufacturing."
Ankit Maini, Managing Director of Veira Group, added, "Veira aims to lead the design manufacturing space by providing high-quality, cost-effective solutions through continuous R&D and technological advancements. Our end-to-end services include R&D, sourcing, design, manufacturing, assembly, testing, and reverse logistics, making us a one-stop solution for brands entering the Indian market."
With BVF's strategic investment, Veira Electronics is set to expand its market reach and strengthen its position as a key player in India's growing smart TV industry, ahead of its much-anticipated IPO.
