Mobilitytech startup BlueBinaries raises Rs 60 crore from Anicut Capital

BlueBinaries, an engineering and technology services provider specializing in the mobility industry, has raised Rs 60 crore in funding from multi-asset investment firm Anicut Capital.

The startup plans to use the raised capital to bolster its existing customer base of Original Equipment Manufacturers (OEMs) and Tier 1 automotive suppliers across various geographies.

Additionally, the funds will also be directed towards enhancing the company's SDV and digital capabilities.

What does BlueBinaries do?

Founded in 2017, BlueBinaries has quickly established itself as a significant player in the Engineering Research and Development (ER&D) services sector.

The startup focuses on accelerating the development of Software Defined Vehicles (SDVs) through its expertise in E/E Architecture design, digital technologies such as cloud computing, DevOps, artificial intelligence, machine learning, cybersecurity, and the Internet of Things (IoT).

Notably, it serves a diverse customer base spread across Europe, the UK, the USA, and the Asia-Pacific region.

Investor comments

The automotive electronics and software market is projected to grow significantly, with estimates suggesting it will reach over $80 billion by 2030. This growth is driven by increasing demand for safer vehicles, advanced connectivity, and next-generation mobility solutions.

Dhruv Kapoor, Partner at Anicut Capital, expressed confidence in BlueBinaries' potential, stating, "With deep industry knowledge and strong engineering capabilities, we believe BlueBinaries is well-positioned to lead the industry with end-to-end mobility offerings."