Affirma Capital, in partnership with 360 ONE Asset and other investors, on Thursday announced that it has got into an agreement to invest up to $56 million in RMSI Limited, a leading player in the engineering and geospatial services sector.
The transaction, led by Affirma Capital, marks the firm’s first investment through its India-focused vehicle, Agastya Capital India Growth Fund. The investment was made in collaboration with 360 ONE Asset, which participated through its flagship secondaries and technology-focused strategies, according to a press statement.
The funding is expected to support RMSI’s ongoing growth initiatives and expansion into new markets, the statement said.
“RMSI is redefining what’s possible in geospatial engineering, and we’re excited to help accelerate its next phase of growth. We look forward to working closely with them to further strengthen the leadership team, pursue strategic and inorganic growth opportunities, and leverage our global network to scale the business,” said Udai Dhawan, founding partner and India head of Affirma Capital.
RMSI provides services in areas such as AI/ML data annotation, autonomous driving, augmented reality, and mapping and navigation solutions for technology firms worldwide. Over the past decade, the company has expanded its presence in the engineering services sector, working with clients across navigation, mapping, telecommunications, utilities, and sustainability. The company boasts a team of 6,000 professionals, and clients in 35+ countries.
Meanwhile, Affirma Capital’s Agastya Capital India Growth Fund targets investments in the range of Rs 200 crore to Rs 500 crore. The fund aims to acquire significant stakes in companies with enterprise values between Rs 500 crore and Rs 2,500 crore. Its investment focus spans the consumer, healthcare, technology, and financial services sectors.
Affirma Capital manages over $4 billion in assets for a global base of institutional investors and has offices in Singapore, Seoul, Shanghai, Mumbai, Dubai, and Johannesburg.
