The funds will be deployed to expand manufacturing capacity, accelerate investment in R&D and product innovation, and strengthen its quality and compliance infrastructure, according to a statement.
“This capital will allow us to accelerate capacity expansion, strengthen our footprint, and further deepen our product innovation capabilities,” said Piyush Mittal, founder and managing director at NG Electro.
NG Electro Products is a contract manufacturing platform serving consumer brands across home care, beauty and personal care, and nutraceuticals.
Vinit Rai, the managing director of JM Financial PE, said NG is a differentiated platform in consumer product contract manufacturing over the years.
JM Financial Private Equity invested through its JM Financial India Growth Fund III, which is a sector-agnostic fund with a focus on investments in sectors such as financial services, consumer, manufacturing, technology and others (logistics, healthcare, agri-allied sectors, etc).
Through this fund, JM Financial Private Equity has made eight investments in API Holdings, Bighaat Agro, Silveredge Technologies, Energy Beverages, Modish Tractoraurkisan, Asquare Foods and Beverages, and The Bear House. It has fully exited from Aarman Solutions.