Indian sales and rental company Mtandt Rentals has received an investment of ₹1.5 billion ($18 million) in the company for a 20 percent stake.
The investment has been made by a family fund that invests in the construction and infrastructure markets. The Investment will come in two tranches, the first ₹500 million ($6 million) in 45 days, with a further ₹1 billion ($12 million) by April 2025. The investment will be used to add more machines to the aerial work platform fleet, as well as more material for the temporary road mat inventory. At the start of the year the company had 1,200 platforms in its fleet and 5,000 mats.
Rakesh Modi and team celebrated selling 200 access platforms at its branch in North India in May earlier this year
The fund is looking to help Mtandt Rentals to increase its revenues to ₹100 billion ($1.2 billion) by 2030 and will bring in further funds either directly or through an IPO as and when required.
The Mtandt headquarters in Chennai
The next investment/round of funding worth around ₹4 billion ($50 million) is scheduled for 2026 and will be used to increase the number of depots, adding further machines and to fund bolt-on acquisitions which might involve adding tower cranes by merging with or acquiring the groups/tower crane operations.
Last year Mtandt Rental generated revenues in the region of ₹1.5 billion ($21.5 million) with a pre-tax profit of around ₹165 million ($2 million). This year the company is projecting revenues of ₹3.3 billion ($40 million) with a profit of ₹418 million ($5 million).
Comments