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.”
