Norwest Venture Partners invests Rs 56 cr in SILA
New capital to support the exploration of strategic investments and acquisitions
Mumbai based SILA has raised Rs 56 crore of growth capital from leading venture and growth equity investment firm, Norwest Venture Partners. Founded in 2010, SILA is a leading service provider to Enterprises and SMEs for finding, building-out and managing physical space. This includes project advisory, interior design & fit outs, machinery & hard asset maintenance and facility management services.
SILA has operations in over 75 cities, managing more than 30 million sq-ft of assets. Clients include leading multinationals as well as many of India’s Fortune 500 across sectors including manufacturing, retail, hospitality, financials, commercial and residential real estate.
Through the use of an in-house technology stack and detailed operating protocols, SILA works with clients to efficiently reduce operating costs and increase asset productivity. SILA Connect, an in-house software provides various modules to enable SILA to optimise workflows on the front end and back end.
Since inception, SILA has tracked robust financial and operating metrics with revenue growing over 50% per annum over the last few years at scale. This round of investment will be used to exit SILA’s early investors and further establish its industry leadership position through strategic investments and acquisitions.
“We sincerely appreciate the support of those who backed us early and are proud to have generated a healthy return for them. We are excited to bring on Norwest as our institutional equity partner and look forward to using this capital to increase our leadership in the industry through strategic investments and acquisitions,” said Sahil Vora, founder, SILA.
“Over the years we have built a strong team, operational backbone and client goodwill in a capital efficient manner. With the right buildings blocks in place, we are confident in using institutional equity to efficiently scale our business,” adds Rushabh Vora, co-founder & CEO, SILA.
“SILA has built strong leadership and very positive client recall in the industry. With the use of technology and SOPs, SILA is executing with a differentiated approach to capture the very large services market opportunity in India. We look forward to supporting SILA to further build out a large sustainable platform,” said Shiv Chaudhary, MD, Norwest Venture Partners (NVP India).