Investment Illustrates firm’s focus on growth stage non-tech infrastructure companies
Mumbai, March, 3rd 2008: Servomax India Ltd. today announced that it has closed its first institutional round of investment of USD $ 3.75 million led by Mayfield Fund. Following this development, Vikram Godse who co-leads investments in India from Mayfield’s Mumbai-based office will join the Board of Directors of Servomax.
Vikram Godse, Mayfield Fund said, “This investment is in line with our thesis of funding growth stage companies in Infrastructure ancillaries space. We believe India is poised to see large & sustainable growth in this area and we see Servomax clearly positioned to be the leader in its field of power conditioning and power savings equipments. We look forward to partnering with Mr. Rao and his team at Servomax to- build- a formidable company.”
Mr A. Venkateswara Rao, Founder & CEO, Servomax Ltd., said, “Receiving investment from a global player like Mayfield Fund is recognition for our company and very motivating for our management. We believe Mayfield’s experience in guiding companies through their growth phase, combined with this round of funding, will help us realize our market leadership potential. We are very focused on the power conditioning market - and believe we are well positioned to attain a leadership position over the next 5 years.”
The company currently sells to over a 1,000 corporate clients across its 22 branches in India. The company has marquee clients such as Reliance, Dr Reddy’s, Bajaj Auto, IDEA cellular. This funding will help the company set up operations across India as well as expand its after sales network.
About Mayfield Fund.
Over the past 38 years, Mayfield Fund has been at the forefront of investing in emerging businesses that have grown into industry leaders. Mayfield Fund invests in the U.S., China and India and currently has $2.7 billion under management. It has invested in over 480 companies of which 105 have had initial public offerings and another 160 have been acquired. Some of Mayfield past impact investments include Compaq, Amgen, SGI, 3COM, Sandisk, Citrix, Cypress Semiconductor, Intuitive Surgical, Web Methods, Tibco, 3PAR and LSI Logic.
Mayfield Fund’s India-based team is currently investing in the infrastructure ancillaries and services, manufacturing, consumer services, technology and technology-enabled services sectors.
About Servomax India Ltd:
Servomax India Ltd., is a fast growing manufacturer of power conditioning equipment (voltage stabilizers, isolation transformers) and power saving products (street light control systems, air conditioner energy savers, automatic power factor controllers) under the brand name of “SERVOMAX”..